500 jobs at risk as Jessops calls in administrators for property arm

5664
Jessops Peter Jones administration
The threat of administration for Peter Jones' Jessops first came about in October
// Jessops drafts in administrators for its property arm
// Talks about a sale of the business first took place in October
// Jessops’ main trading company Jessops Europe will not be affected by the administration

Dragons’ Den panellist Peter Jones has called in administrators for Jessops’ property arm, putting 500 jobs at potential risk.

Jones bought Jessops out of administration back in 2013, and the threat of a second administration for the camera retailer first came about in October 2019.

He is reportedly looking to cut costs by renegotiating rents and closing loss-making stores.


READ MORE: Dragons’ Den star Peter Jones begins sales talks for Jessops


Administrators from advisory firm ReSolve were appointed to JR Prop earlier this week.

While Jessops’ main trading company Jessops Europe is not affected by the administration and Jones will continue the business as usual, it is not clear whether the administration process would safeguard the retailer’s 500 jobs.

The retailer’s parent company Jessops Group said it had recovered from a £765,000 loss in 2017 to make a profit of £722,000 as sales rose nearly 20 per cent to £120 million, in the year to the end of April 2018.

However, Jessops continued to be affected by the UK’s rising costs and low consumer confidence, as well as the shift to online.

Furthermore, the retailer is thought to have called in administrators after a failed bid to gain landlords’ approval for a CVA, which would have resulted in store closures and rent cuts.

Jessops is the latest retailer to call in administrators, as last month gifts and cards retailer Clintons drafted in administrators which put 2500 jobs at risk.

Clintons was ultimately bought out of administration in a pre-agreed deal with its owning Weiss family earlier this week – safeguarding all jobs.

Jessops currently has 46 stores.

Click here to sign up to Retail Gazette‘s free daily email newsletter

3 COMMENTS

  1. We are having dealings with Brighton Store currently. The service offered by the staff is terrible. Escalating the problem to head office, promises made to résolve the .problem by a service manage. Nothing has happened so having to chase again. With our dealing with the staff at both local and HQ level it is no surprise to them go back into administration. Staff could not careless about their jobs.

  2. Jessops end of a era. Can’t compete with Amazon or ebay. No need to buy a camera from this expensive retailer hopefully they’ll all shut.

  3. Tough times on the High Street with rent, rates and staff, although, it has all been predicted over the past 20 years thousands of times; the future is online.

LEAVE A REPLY

Please enter your comment!
Please enter your name here