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PwC: Jessop Group Limited – in administration

By Rob Starr, Content Manager, Big4.com

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. Edward Williams, Rob Hunt and Matthew Hammond of PwC were appointed joint administrators of The Jessop Group Limited on 9 January 2013.

“Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today,” said Rob Hunt, joint administrator and partner, PwC.

“Our most pressing task is to review the Company’s financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current
economic climate it is inevitable that there will be store closures.”


 

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