The Jessop Group Limited - in Administration
Edward Williams, Robert Jonathan Hunt and David Matthew Hammond were appointed as Joint Administrators ("Administrators") of The Jessop Group Limited on 9 January 2013.
Jessops is a major high-street retailer of photographic equipment and growing on-line business. Turnover in the year to 31 December 2012 was £236m and Jessops operated from 192 stores with around 2000 employees throughout the UK. It has a well-known brand, strong reputation for service and a significant national footprint.
However, its core marketplace has seen a significant decline in 2012 and forecasts for 2013 indicate that this decline would continue. In addition, the position deteriorated in the run up to Christmas as a result of reducing confidence in UK retail. Despite additional funding being made available to the company by the funders, this has meant that Jessops has not generated the profits it had planned with a consequent impact on its funding needs. This was exacerbated by a credit squeeze in the supplier base.
With effect from 11 January 2013, Jessops online and retail stores have ceased trading.
http://www.pwc.co.uk/business-recovery/administrations/jessop_group.jhtml