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Shops expected to close

TV dragon Jones to call in administrators at Jessops

Jessops

Jessops: collapsed six years ago

Dragons’ Den panelist Peter Jones is expected to call in administrators to his Jessops high street camera chain which he acquired six years ago.

Mr Jones rescued the business after it collapsed under £81m of debt. Last year it reported a £13m loss as rent costs increased to £4.7m.

JR Prop Limited, which manages Jessops’ leasehold property estate, has filed a notice of intention to appoint Resolve, a restructuring advisory firm, as administrator, according to Sky News.

Jessops employs about 500 staff in 46 shops, including one in Castle Street, Edinburgh, and it is thought some could be closed.

Mr Jones is said to have decided that placing JR Prop into insolvency proceedings would provide the most effective means of streamlining Jessops’ operations to ensure their survival.

Store managers were briefed on the plans on Wednesday morning.

If the administration is confirmed, Mr Jones is expected to seek to agree a company voluntary arrangement (CVA) with creditors. The administrator would be likely to seek rent reductions.



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