// Dragons’ Den star Peter Jones offering Jessops for sale to potential new suitors
// Retail Gazette understands that talks have begun
// Source says talks with landlords regarding notice of intention for administration are still progressing
Peter Jones has started offering Jessops for sale to potential new suitors as talks with landlords about a potential CVA continues to progress, Retail Gazette understands.
A source told Retail Gazette that the Dragons’ Den star has started the early stages of negotiations with potential new owners for the photography retailer, although nothing is concrete at this stage.
It is also understood that talks with landlords are continuing to “progress well” in light of a notice of intention to appoint administrators to JR Prop Limited, the division of Jessops’ business that manages its leasehold stores.
- Peter Jones delays Jessops store portfolio restructuring by 2 weeks
- Peter Jones mulls CVA for Jessops
Last month, the notice of intention to appoint administrators had been extended amid reports that Jessops needed more time to convince landlords to support a potential CVA.
Jones 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.