With over 120 staff and 17 branches, it’s owned by Peter Jones, a Dragon’s den star.
After having a major setback due to the pandemic, Jessops has announced that they’ve hired FRP advisors to help rejuvenate the business, the notice providing 10 days worth of protection from pending or existing creditor claims, with Jessops announcing the continuation of trade once the lockdown restrictions have been uplifted in April.
Leaning towards the route of insolvency processes that allow the business to pay off all or part of its debt through a Company Voluntary Arrangement(CVA), it is to be believed as somewhat of a rescue deal for most businesses.
Geoff Rowley, a specialist business advisor at FRP has said that they’re working with the PJ investment Group and the Jessops management to secure a reliable future for the business, he also added to that by saying that like most businesses during the pandemic, Jessops has also faced online competition as well as local High Street retailer competition due to the restrictions imposed by the pandemic.
Clive Chalkley, Gowling WLG’s law firm partner has said; “For a business such as Jessops, which are a specialist retailer, their products can be easily acquired online, the pandemic only further accelerating the process.”