Peter Jones mulls CVA for Jessops

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Peter Jones mulls Jessops administration
Peter Jones first bought Jessops in 2013 after it collapsed under £81m of debt. (Image: PA)
// Peter Jones might call in administrators to carry out a CVA for Jessops, placing 500 jobs at risk
// The Dragons Den star had previously saved it from a controversial administration in 2013
// Jessops has not made a single profit and losses have mounted since Peter Jones’ rescue

Jessops is reportedly set to call in administrators as its owner, Dragons Den star Peter Jones, makes a last-ditch attempt to save the long-running camera retailer.

According to Sky News, Jones is planning to seek a secure a rescue deal with landlords and creditors in the form of a CVA, which is likely to lead to store closures and rent cuts.

The news places the jobs of around 500 Jessops staff across 46 stores at risk of a redundancy process.


READ MORE: Big Interview: Peter Jones


It is not yet known how many stores would be at risk of closure, but sources speaking to Sky News said Jones still saw a future for Jessops – which was founded in 1935.

The Dragons Den star has owned Jessops 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.

Since then, while Jones has re-opened some of the Jessops stores that shut down, the camera and photography retailer has barely achieved the sales and profits it set out in 2013.

Jones had predicted sales of at least £80 million during the first year Jessops was under his control, but the retailer only raked in £7.5 million for that year.

News of Jessops’ uncertain future comes a month after its now-former chief executive Neil Old was poached by H Samuel and Ernest Jones owner Signet Jewelers as managing director of its UK division.

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7 COMMENTS

  1. I think if they cut their prices, they might survive I handed in on hold video and asked them to put on a DVD. They did and charged me really £80 when I got home and found the CD they were three seconds footage, I phoned up and complained and asked them why I think if they cut their prices, they might survive I handed in and hold video and asked them to put on a DVD. They did and charged me really £80 when I got home and had a CD they were three seconds footage, I phoned up and complained and asked them why did they not see if the tape was okay first and then phoned me up and asked me if I still wanted it.

    Definitely down in that situation

    • Always great to see retail professors attributing underlying business performance to a single screw up by 1/500 people once upon a time and stating if they cut prices they’d be fine with clearly zero clue about the economics of running a shop…

      Someone get this guy a Gov job quick the Country needs him! 🙂

  2. Jessops have a bigger issue than services in store and that is one of EVERYTHING being done by on line retailers and being done at lower costs and by dozens of companies at a time.

    Truth is that people will go into Jessops to browse and get advice and then simply order on Amazon – this is the world we live in now.

    Sad but true

  3. I have always used Jessops at Cribbs Bristol, buying photography equipment and developing of photographs. Always find them very helpful and for developing far cheaper than another developer inside supermarkets. Whatever happens hope Cribbs in Bristol is kept going.

  4. Profit potential in the imaging category comes when you appeal to the masses – not just a narrow niche of consumers. Timpsons proved that when they took over Max Spielmann and then Snappy Snaps. Jessops refreshed retail model remained tech-heavy with relevance predominantly to high-end enthusiasts – most of whom revert to the internet in their final part of the purchase journey

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