Peter Jones buys Jessops out of administration

The Dragons' Den star Peter Jones has bought the Jessops business out of administration.

Administrators PwC confirmed the sale: “We can confirm we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter Jones CBE.”

At the moment it is not thought that stores will be reopened as part of the deal, with Jones understood to have taken on intellectual property and leftover stock. The amount paid by Jones to take over the brand is not known.

Jessops was founded in 1935 in Leicester by Frank Jessop, but was hit in recent years by competition from cheaper online-based stores. It was the first high street company to enter administration this year, but was followed by a number of other big names including Blockbuster and HMV.

The company closed its 187 branches when it entered administration and around 1,500 jobs were lost.

Last week Hilco, which bought HMV's debt when it entered administration, was in discussions with PwC regarding the Jessops brand and the possibility of introducing a Jessops concession into HMV stores but it appears that this has not come to fruition.

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