This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Learn more and read our policy. Photographic retailer Jessops was established in by Frank Jessop. It opened its first store in Leicester, but quickly expanded into major towns and cities across the UK.
Bridgepoint attempted to float the retailer on the London Stock Exchange in and , but abandoned those plans on both occasions, instead selling it to ABN Amro. In November , Jessops finally went public.
But the business began encountering financial problems from which led to a strategic review. In , following refinancing, the group's trade was transferred to a new holding company, Snap Equity Limited, while Jessops was placed into liquidation. More than half its stores closed after it hit trouble in Jessops is considering a company voluntary arrangement CVA — an insolvency process that would enable it to cut its rents.
It is also in talks with suppliers and partners. PJ Investment Group is offering to provide additional financial support if management can come up with a sustainable business plan.
A spokesperson for PJ Investment Group said it had worked hard to support Jessops, which had returned to profit in recent years, following a restructuring and multimillion-pound investment. The company is working with restructuring firm FRP on a rescue plan.
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