Jessops

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This article is about the British photographic retailer. For the department store, Jessops of Nottingham, see John Lewis (department store).
Jessops Europe Limited
Type Private limited company
Industry Retail
Founded Leicester, United Kingdom (1935 (1935))
Founders Frank Jessop
Headquarters Marlow, United Kingdom
Number of locations 31 stores (September 2013)[1]
Area served United Kingdom
Key people Peter Jones
Products Photographic equipment
Photograph processing
Revenue £236.8 million (2011)[2]
Operating income £5.7 million (2011)[2]
Owners Peter Jones
Website www.jessops.com

Jessops Europe Limited is a British photographic retailing company. It was founded in Leicester in 1935 by Frank Jessop and traded under the name of The Jessop Group Limited. The business entered administration on 9 January 2013 and all Jessops retail stores ceased trading on 11 January 2013 until the British entrepreneur Peter Jones invested several million pounds into the company and formed Jessops Europe Limited.

The first six stores reopened on 28 March 2013, and Jones aimed to open a new store every day on average during April 2013. The relaunch of the Oxford Street store in London received considerable media interest and was attended by celebrities including the actor James Corden.

History[edit]

Jessops re-opened store in Birmingham

Frank Jessop founded "Jessop of Leicester" in 1935 as a specialist photographic retailer. The company expanded to major towns and cities.

Alan Jessop, Frank's son, sold the firm in 1996 in a management buy-out. The 200th store opened in July 2001. ABN AMRO paid £116m for the company in 2002, and then floated it on the London Stock Exchange in October 2004.

Financial problems[edit]

In 2007 the company suffered financial difficulties requiring a strategic review, and eventually leading to a re-financing with its bankers, HSBC, in September 2009. This led to the group's trade being transferred to a new holding company, Snap Equity Limited, whilst Jessops plc was placed in liquidation and the group's final salary pension scheme transferred to the Pension Protection Fund. Snap Equity was formed as a private company 48% owned by HSBC, 33% by pension trustees and 20% by an employee trust.

Administration and closure[edit]

Jessops Group Limited went into administration on 9 January 2013 with an application made to the High Court.[3] On 11 January it was announced that all 187 stores would close, with the loss of 1,370 jobs. Shoppers who put anywhere up to £500 on a gift card, found them useless[4] and company ceased to accept customer returns although manufacturers' warranties on products not branded by Jessops were not affected. However, on 31 January 2013 the Jessops brand and various assets were acquired by entrepreneur Peter Jones, one of the investors from the television programme Dragons' Den.[5] In early February the supermarket retailer Morrisons agreed to purchase seven of Jessops larger store sites from the administrators for an undisclosed price, to be converted to Morrisons convenience store format M Local.[6]

Reopening[edit]

The British entrepreneur Peter Jones formed Jessops Europe Limited and the retailer opened for business on 28 March 2013 and re-launched the high street brand. Two stores in London and Birmingham reopened on 28 March and Manchester, Aberdeen, High Wycombe & St. Albans opened on 29 March 2013. A further 20 or more Jessops stores are set to reopen throughout April.[7][8][dated info]

Jessops online photo business was also purchased by Peter Jones along with CeWe Color and restructuring specialist Hilco.[9][10][11]

Peter Jones invested £4 million into the company with a group of investors and is in the midst of opening up to 30 stores across the UK from 28 March 2013, aiming for a heavier online presence. By September 2013, the company had opened 31 stores across the UK.[1]

Operations[edit]

Jessops Group Limited had 187 stores across the United Kingdom at the time of its collapse in early 2013. The new business formed by Peter Jones, Jessops Europe Limited, plans to open 30 stores across the UK. All the stores will contain mini-labs that offer one hour processing of photographic film or a 25-minute "express" service. The Jessops mail order catalogue will be available free from the stores and will be released quarterly. The online stores www.jessops.com has opened for business again and Peter Jones confirmed that pricing will be the same online as it is in store.

Jessops' new head office is based in Marlow, Buckinghamshire.

References[edit]

  1. ^ a b "Store Finder". Jessops. Retrieved 30 September 2013. 
  2. ^ a b "Jessops reports rosy picture". Leicester Mercury. 7 June 2012. Retrieved 2 February 2013. 
  3. ^ "Jessops camera chain in administration". BBC News. 9 January 2013. 
  4. ^ Jessops Employee. "Weathering the Jessops Administration". Retrieved 19 March 2013. 
  5. ^ "Jessops brand sold to Peter Jones". BBC News. 31 January 2013. 
  6. ^ "Morrisons buys clutch of Jessops shops". The Daily Telegraph (The Daily Telegraph). 3 February 2013. Retrieved 3 February 2013. 
  7. ^ "Camera chain Jessops re-opens two months after closing". BBC News. 28 March 2013. Retrieved 29 March 2013. 
  8. ^ David Risser (28 March 2013). "Jessops Reopens on London's Oxford Street Led by 'Dragons' Star". Bloomberg. Retrieved 28 March 2013. 
  9. ^ Chloe (1 February 2013). "Jessops name looks set to set to survive online". Retrieved 19 March 2013. 
  10. ^ "Jessops Photo". Retrieved 19 March 2013. 
  11. ^ "Jessops Group Ltd Online Photo Service: Terms of Sale". Retrieved 19 March 2013. 

External links[edit]