Photographic retailer Jessops has been bought by a number of buyers including entrepreneur Peter Jones, it has been announced.
It is understood that Jones will run the retailer as an online operation and has not invested in stores, all of which closed just days after Jessops entered administration earlier this month.
Turning to the digital space is becoming increasingly popular for ailing retailers in need of modernisation, and last year e-commerce retailer Appliances Online made a seven-figure bid for failed electricals retailer Comet’s website.
As a young entrepreneur, Jones ran a computer business and founded a telecommunications firm which made £44 million in its second year of trading, thus is well-placed to improve Jessops’ place in the market after it failed to entice customers who converted to using smartphones as cameras.
While it is not known how much Jones paid for his stake, it is understood that private equity and restructuring specialists Hilco has bought assets from the retailer with the possibility of opening Jessops concessions.
Confirming the news, Joint Administrator and Partner at PricewaterhouseCoopers said: “We can confirm that we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter Jones CBE.”