// Peter Jones extends notice of intention to appoint administrators for Jessops by 2 weeks
// It’s thought that Jessops’ main retail operations would be unaffected by the prospective administration
// It’s not yet clear how many of Jessops’ 46 stores or 500 staff would be affected
Peter Jones has reportedly extended a notice of intention to appoint administrators for Jessops by two weeks.
According to Sky News, the Dragons’ Den star has extended a notice of intention to appoint administrators to JR Prop Limited – which manages Jessops’ store portfolio – by a fortnight as it works to restructure its liabilities.
It comes after news emerged earlier this month that Jones was reportedly seeking to secure a rescue deal with landlords and creditors in the form of a CVA or administration, which is likely to lead to store closures and/or rent cuts.
READ MORE: Peter Jones mulls CVA for Jessops
The Retail Gazette understands that Jessops’ main retail operations would be unaffected by the prospective appointment of administrators and that Jones still sees a future for the business.
However, it is not yet clear how many of Jessops’ 46 stores would be at risk of closure, or if any of its 500 staff would be affected, should an administration eventuate.
The Dragons’ Den star has owned the long-running camera retailer since 2013, when he bought it out of a controversial administration borne out of £81 million of debt led to the closure of 187 stores and 2000 job cuts.
Since then, while Jones has re-opened some of the Jessops stores that shut down, the camera and photography retailer has not achieved the sales and profits it had set out in 2013.
A spokesperson for Jessops declined to comment on Tuesday.
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