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{{About|the British photographic retailer|the department store, ''Jessops of Nottingham''|John Lewis (department store)}}
{{Short description|British photographic retailing company}}
{{Use British English|date=September 2013}}
{{Use British English|date=September 2013}}
{{Use dmy dates|date=September 2013}}
{{Use dmy dates|date=May 2024}}
{{Infobox company
{{Infobox company
| name = Jessops Europe Limited
| name = Jessops Europe Limited
| logo = Jessops logo.png
| logo = Jessops logo.png
| logo_size = 200px
| logo_size = 200px
| logo_caption = Jessops Logo
| logo_caption =
| image = Jessops, Birmingham.JPG
| image = Jessops, Birmingham.JPG
| image_caption = Jessops reopened store in [[Birmingham]]
| image_caption = Jessops reopened store, in [[Birmingham]] <small>(2011)</small>
| type = [[Private limited company]]
| type = [[Private limited company]]
| founder = Frank Jessop
| founder = Frank Jessop
| foundation = {{Nowrap|[[Leicester]], United Kingdom ({{Start date|1935}})}}
| foundation = {{Nowrap|[[Leicester]], United Kingdom ({{Start date|1935}})}}
| defunct =
| defunct =
| fate =
| fate =
| area_served = United Kingdom
| area_served = United Kingdom
| industry = Retail
| industry = Retail
| products = Photographic equipment<br/>Photograph processing
| products = Photographic equipment<br/>Photograph processing
| revenue = [[Pound sterling|£]]236.8 million (2011)<ref name="til7612">{{cite news | url=http://www.thisisleicestershire.co.uk/Jessops-reports-rosy-picture/story-16301343-detail/story.html | title=Jessops reports rosy picture | publisher=Leicester Mercury | date=7 June 2012 | accessdate=2 February 2013 | archive-url=https://web.archive.org/web/20120609023744/http://www.thisisleicestershire.co.uk/Jessops-reports-rosy-picture/story-16301343-detail/story.html | archivedate=9 June 2012 | url-status=dead }}</ref>
| revenue = [[Pound sterling|£]]236.8 million (2011) <ref name="til7612">{{cite news | url=http://www.thisisleicestershire.co.uk/Jessops-reports-rosy-picture/story-16301343-detail/story.html | title=Jessops reports rosy picture | newspaper=Leicester Mercury | date=7 June 2012 | access-date=2 February 2013 | archive-url=https://web.archive.org/web/20120609023744/http://www.thisisleicestershire.co.uk/Jessops-reports-rosy-picture/story-16301343-detail/story.html | archive-date=9 June 2012 | url-status=dead }}</ref>
| operating_income = £5.7 million (2011)<ref name=til7612/>
| operating_income = £5.7 million (2011) <ref name=til7612/>
| net_income =
| net_income =
| assets =
| assets =
| equity =
| equity =
| owner = PJ Investment Group
| owner = [[Peter Jones (entrepreneur)|Peter Jones]]
| num_employees =
| num_employees =
| homepage = {{url|www.jessops.com}}
| homepage = {{URL|www.jessops.com}}
| location_city = [[Marlow, Buckinghamshire|Marlow]]
| location_city = [[Marlow, Buckinghamshire|Marlow]]
| location_country = United Kingdom
| location_country = United Kingdom
| locations = 24 (2020) <ref name="Stores">{{cite web|url=https://www.jessops.com/store-finder |title=Store Finder |publisher=Jessops |accessdate=11 February 2020}}</ref>
| locations = 12 (2021) <ref name="Stores">{{cite web|url=https://www.jessops.com/store-finder |title=Store Finder |publisher=Jessops |access-date=11 February 2020}}</ref>
}}
}}
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'''Jessops (Group) Limited''' is a British photographic retailing company. It was established 1935, by Frank Jessop in Leicester, United Kingdom. The company controls '''Jessops Europe Limited''', which in turn control JR Prop Limited (formally Jessops Retail Limited).<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08385059|title=JR PROP LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://opencorporates.com/companies/gb/08384799|title=JESSOPS (GROUP) LIMITED|last=|first=|date=|website=opencorporates.com|url-status=live|archive-url=|archive-date=|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://opencorporates.com/companies/gb/08384909|title=Jessops Europe Limited|last=|first=|date=|website=opencorporates.com|url-status=live|archive-url=|archive-date=|access-date=2020-04-14}}</ref>


⚫
'''Jessops (Group) Limited''' is a British photographic retailing company. It was established in 1935 by Frank Jessop in Leicester, United Kingdom. The company controls '''Jessops Europe Limited''', which in turn control JR Prop Limited (formerly Jessops Retail Limited).<ref name="beta.companieshouse.gov.uk">{{Cite web|url=https://beta.companieshouse.gov.uk/company/08385059|title=JR PROP LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://opencorporates.com/companies/gb/08384799|title=JESSOPS (GROUP) LIMITED|last=|first=|date=|website=opencorporates.com|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://opencorporates.com/companies/gb/08384909|title=Jessops Europe Limited|last=|first=|date=|website=opencorporates.com|access-date=2020-04-14}}</ref>
⚫
In the late 2000s the business struggled with insolvency and entered [[administration (law)|administration]] in 2013. The company was rescued by British entrepreneur [[Peter Jones (entrepreneur)|Peter Jones]] CBE who brought the assets and formed Jessops (Group) Limited and related companies.

⚫
In the end of the 2000s, the business struggled with insolvency, and entered [[administration (law)|administration]] in January 2013. The company was rescued by PJ Investment Group, founded by entrepreneur [[Peter Jones (entrepreneur)|Peter Jones]] CBE who bought the assets, and formed Jessops (Group) Limited, and related companies.<ref>{{Cite web |last=Cahill |first=Helen |date=2024-07-11 |title=Dragon’s camera chain Jessops faces closure over unpaid tax |url=https://www.thetimes.com/business-money/technology/article/dragons-camera-chain-jessops-unpaid-tax-hmrc-peter-jones-qs2phx6gg |access-date=2024-07-11 |website=www.thetimes.com |language=en}}</ref>


==History==
==History==
===Early years to 1990s===
⚫
Frank Jessop founded '''Jessop of Leicester''' in 1935, as a specialist photographic retailer. The company expanded to major towns and cities.{{Citation needed|date=April 2020}}
[[File:Centon PV27 tripod from Jessops.jpg|thumb|right|A Centon (own-brand) tripod purchased from Jessops in the mid-1990s]]
⚫
Frank Jessop founded '''Jessop of Leicester''' in 1935, as a specialist photographic retailer. The company expanded to major towns and cities.{{Citation needed|date=April 2020}}


{{anchor|centon}}Jessop later used the '''Centon''' name as an [[own brand]]<ref name='centon1' /> for a range of photographic and related goods sold through its shops.
In July 1996, Alan Jessop, Frank's son, sold the firm in a management buy out. This was to [[Bridgepoint Capital]].


===Sale of company and following years (1996–2007)===
In September 2000, Bridgepoint Capital attempted to float Jessops on the London Stock Exchange, but abandoned plans the following month.<ref name="accountancyage.com">{{cite web|url=http://www.accountancyage.com/aa/news/1779794/newswatch-jessops-ditches-float-plans|title=Newswatch: Jessops ditches float plans|publisher=accountancyage.com|date=15 October 2000|accessdate=21 August 2015}}</ref> This was because it was told the firm would list with a market value of £90 million to £100 million.<ref name="accountancyage.com" />


In July 1996, Alan Jessop, the son of founder Frank Jessop, sold the firm in a management buyout to [[Bridgepoint Capital]].<ref>{{cite news|url=https://www.buyoutsinsider.com/jessops-2/|title=Jessops|website=www.buyoutsinsider.com|date=1 November 2002|access-date=1 September 2020}}</ref>
The two hundredth store, [[Durham, England|Durham]], opened in July 2001.{{Citation needed|date=April 2020}}


In April 2002, Jessops again abandoned plans to float.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/2761160/Jessop-pulls-yet-another-float.html|title=Jessop pulls yet another float|publisher=www.telegraph.co.uk|date=28 April 2002|accessdate=21 August 2015}}</ref>
Bridgepoint Capital attempted to float Jessops on the [[London Stock Exchange]] in September 2000, but abandoned plans the following month.<ref name="accountancyage.com">{{cite web|url=http://www.accountancyage.com/aa/news/1779794/newswatch-jessops-ditches-float-plans|title=Newswatch: Jessops ditches float plans|website=accountancyage.com|date=15 October 2000|access-date=21 August 2015}}</ref> This was because it was told the firm would list with a market value of £90 million to £100 million.<ref name="accountancyage.com" /> The two hundredth store, [[Durham, England|Durham]], opened in July 2001, which has since closed down.{{Citation needed|date=April 2020}} Jessops once again abandoned plans to float, in April 2002.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/2761160/Jessop-pulls-yet-another-float.html|title=Jessop pulls yet another float|newspaper=The Daily Telegraph |date=28 April 2002|access-date=21 August 2015}}</ref>


In September 2002, [[ABN Amro]] paid £116 million for the company.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/personalfinance/2773552/ABN-Amro-zooms-in-to-snap-up-Jessops.html|title=ABN Amro zooms in to snap up Jessops|publisher=www.telegraph.co.uk|date=16 September 2002}}</ref> The sale was completed the next month.<ref>{{cite web|url=https://www.standard.co.uk/news/jessops-chain-sold-to-abn-amro-7287014.html|title=Jessops chain sold to ABN Amro|publisher=standard.co.uk|date=24 October 2002}}</ref> In October 2004, ABN Amro applied to float on the [[London Stock Exchange]], which successfully occurred the next month.<ref>{{cite web|url=https://www.theguardian.com/business/2004/oct/08/money|title=Jessops to float on stock market|publisher=theguardian.com|date=8 October 2004|accessdate=21 August 2015}}</ref> In May 2004, the main warehouse relocated to [[Weedon Bec]], [[Northamptonshire]], as the warehouse in Leicester was considered too small. This resulted in most of the staff being made redundant.{{Citation needed|date=April 2020}}
[[ABN Amro]] paid £116 million for the company, in September 2002.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/personalfinance/2773552/ABN-Amro-zooms-in-to-snap-up-Jessops.html|title=ABN Amro zooms in to snap up Jessops|newspaper=The Daily Telegraph |date=16 September 2002}}</ref> The sale was completed the next month.<ref>{{cite web|url=https://www.standard.co.uk/news/jessops-chain-sold-to-abn-amro-7287014.html|title=Jessops chain sold to ABN Amro|newspaper=Evening Standard |date=24 October 2002}}</ref> ABN Amro applied to float on the [[London Stock Exchange]] in October 2004, which successfully occurred the next month.<ref>{{cite web|url=https://www.theguardian.com/business/2004/oct/08/money|title=Jessops to float on stock market|newspaper=The Guardian |date=8 October 2004|access-date=21 August 2015}}</ref> In May 2004, the main warehouse relocated to [[Weedon Bec]], [[Northamptonshire]], as the warehouse in Leicester was considered too small.<ref>{{cite news|url=https://www.retail-week.com/jessops-moves-warehouse-staff/1716202.article|title=Jessops moves warehouse staff|website=www.retail-week.com|date=7 May 2004|access-date=1 September 2020}}</ref> This resulted in most of the staff being made redundant.{{Citation needed|date=April 2020}}


===Financial problems (2007 - 2013)===
===Financial problems (2007–2013)===
In June 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]].
The company suffered financial difficulties by June 2007, requiring the 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. On 21 June 2007, Jessops announced the closure of 81 of its then 315 stores, as "part of a strategic review, which aimed to save the Leicester firm £15m."<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/business/6225070.stm|title=Jessops to cut shops and workers|publisher=news.bbc.co.uk|date=21 June 2007|accessdate=21 August 2015}}</ref>
Snap Equity was formed as a private company, 48% owned by HSBC, 33% by pension trustees, and 20% by an employee trust. On 21 June 2007, Jessops announced the closure of 81 of its then 315 stores, as "part of a strategic review, which aimed to save the Leicester firm £15m".<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/business/6225070.stm|title=Jessops to cut shops and workers|publisher=BBC News |date=21 June 2007|access-date=21 August 2015}}</ref> HSBC acquired the company circa September 2009, in a "debt for equity" deal.<ref>{{cite web|url=https://www.theguardian.com/business/2009/sep/29/jessops-sells-stake-hsbc|title=Jessops hands over control to HSBC in rescue deal|newspaper=The Guardian|date=29 September 2009|access-date=31 August 2020}}</ref> The ''[[Financial Times]]'' commented that the company was hurt by the increasing quality of mobile phone cameras, reducing demand for traditional cameras.<ref name=":0">{{Cite web|url=https://www.ft.com/content/5393cab6-f02a-11e9-bfa4-b25f11f42901|title=Owner of Jessops store leases files for administration|last=|first=|date=2019-10-16|website=www.ft.com|access-date=2020-04-14}}</ref><ref name="bbc-adminannounce" />


⚫
On 9 January 2013, Jessops went into administration, with an application made to the [[High Court of Justice|High Court]].<ref name="bbc-adminannounce">{{cite web | url=https://www.bbc.co.uk/news/business-20958659 | title=Jessops camera chain in administration | publisher=BBC News | date=9 January 2013}}</ref><ref>{{Cite web|url=https://www.pwc.co.uk/services/business-recovery/administrations/jessop_group.html|archive-url=https://web.archive.org/web/20170622161803/https://www.pwc.co.uk/services/business-recovery/administrations/jessop_group.html|url-status=dead|archive-date=2017-06-22|title=JGLCC Camera Company Limited (formerly the Jessop Group Limited) - in Administration|date=2017-06-22|access-date=2020-04-14}}</ref> On 11 January, it was announced that all 187 stores would close, with the loss of 1,370 jobs. Shoppers who put up to £500 on a gift card, found them useless,<ref name="opnlttr">{{cite web | url=http://opnlttr.com/letter/weathering-jessops-administration | title=Weathering the Jessops Administration | access-date=19 March 2013 | author=Jessops Employee}}</ref> and the company ceased to accept customer returns, although manufacturers' warranties on products not branded by Jessops, were not affected.{{Citation needed|date=April 2020}}
Circa 2010, HSBC acquired the company in a debt-for-equity deal. The [[Financial Times]] commented that the company was hurt by the quality of mobile phone cameras reducing demand for traditional cameras.<ref name=":0">{{Cite web|url=https://www.ft.com/content/5393cab6-f02a-11e9-bfa4-b25f11f42901|title=Owner of Jessops store leases files for administration|last=|first=|date=2019-10-16|website=www.ft.com|url-status=live|archive-url=|archive-date=|access-date=2020-04-14}}</ref><ref name="bbc-adminannounce" />


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On 31 January 2013, however, the brand of Jessops, and various assets, were acquired by PJ Investment Group owned by entrepreneur, [[Peter Jones (entrepreneur)|Peter Jones]], one of the investors from the television programme, ''[[Dragons' Den (UK)|Dragons' Den]]''.<ref>{{cite web | url=https://www.bbc.co.uk/news/business-21285587 | title=Jessops brand sold to Peter Jones | publisher=BBC News | date=31 January 2013}}</ref> Various new companies were incorporated including Jessops (Group) Limited, Jessops Europe Limited and Jessops Retail Limited.<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384799|title=JESSOPS (GROUP) LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384909|title=JESSOPS EUROPE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref name="beta.companieshouse.gov.uk"/> Jones also incorporated ''Jessops Online Limited'', at the same time.<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384997|title=JESSOPS ONLINE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref>
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On 9 January 2013, Jessops went into administration, with an application made to the High Court.<ref name="bbc-adminannounce">{{cite web | url=https://www.bbc.co.uk/news/business-20958659 | title=Jessops camera chain in administration | publisher=BBC News | date=9 January 2013}}</ref><ref>{{Cite web|url=https://web.archive.org/web/20170622161803/https://www.pwc.co.uk/services/business-recovery/administrations/jessop_group.html|title=JGLCC Camera Company Limited (formerly the Jessop Group Limited) - in Administration|date=2017-06-22|website=web.archive.org|access-date=2020-04-14}}</ref> 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<ref name="opnlttr">{{cite web | url=http://opnlttr.com/letter/weathering-jessops-administration | title=Weathering the Jessops Administration | accessdate=19 March 2013 | author=Jessops Employee}}</ref> and company ceased to accept customer returns although manufacturers' warranties on products not branded by Jessops were not affected.{{Citation needed|date=April 2020}}


⚫
On 3 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 the convenience store format by Morrisons, [[My Local|M Local]].<ref>{{cite news | url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9844802/Morrisons-buys-clutch-of-Jessops-shops.html | title=Morrisons buys clutch of Jessops shops | newspaper=The Daily Telegraph | date=3 February 2013 | access-date=3 February 2013}}</ref>
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On 31 January 2013, however, the Jessops brand and various assets were acquired by entrepreneur [[Peter Jones (entrepreneur)|Peter Jones]], one of the investors from the television programme ''[[Dragons' Den (UK)|Dragons' Den]]''.<ref>{{cite web | url=https://www.bbc.co.uk/news/business-21285587 | title=Jessops brand sold to Peter Jones | publisher=BBC News | date=31 January 2013}}</ref> Various new companies were incorporated including Jessops (Group) Limited, Jessops Europe Limited and Jessops Retail Limited.<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384799|title=JESSOPS (GROUP) LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384909|title=JESSOPS EUROPE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref><ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08385059|title=JR PROP LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref> Jones also incorporated Jessops Online Limited at the same time.<ref>{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384997|title=JESSOPS ONLINE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}</ref>


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=== Reopening (2013–2019) ===
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On 3 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 [[My Local|M Local]].<ref>{{cite news | url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9844802/Morrisons-buys-clutch-of-Jessops-shops.html | title=Morrisons buys clutch of Jessops shops | publisher=The Daily Telegraph | work=[[The Daily Telegraph]] | date=3 February 2013 | accessdate=3 February 2013}}</ref>
On 28 March 2013, six stores reopened, and Jessops aimed to open a new store every day on average during April 2013. One of the six opened on the 28 March, the store in [[Oxford Street]] in [[London]], received considerable media interest, and was attended by several celebrities, including the actor [[James Corden]].<ref>{{cite news|url=https://www.standard.co.uk/business/business-news/peter-jones-leads-relaunch-of-jessops-with-oxford-street-store-8552640.html|title=Peter Jones leads relaunch of Jessops with Oxford Street store|website=Evening Standard |date=28 March 2013|access-date=1 September 2020}}</ref>{{Citation needed|date=April 2020}} Another store in London, [[Birmingham]], [[Manchester]], [[Aberdeen]] and [[High Wycombe]] were the other five.<ref>{{cite news|url=https://www.itv.com/news/central/story/2013-03-28/jessops-reopens-in-birmingham/|title=Jessops reopens in Birmingham|website=www.itv.com|date=28 March 2013|access-date=1 September 2020}}</ref>


[[St Albans]] opened on the 29 March. Several other stores reopened throughout April.<ref>{{cite web|url=https://www.bbc.co.uk/news/business-21970531|title=Camera chain Jessops re-opens two months after closing|date=28 March 2013|publisher=BBC News|access-date=29 March 2013}}</ref><ref>{{cite news|author=David Risser|url=https://www.bloomberg.com/news/2013-03-28/jessops-reopens-on-london-s-oxford-street-led-by-dragons-star.html|title=Jessops Reopens on London's Oxford Street Led by 'Dragons' Star|date=28 March 2013|newspaper=Bloomberg|access-date=28 March 2013}}</ref>{{update after|2013|8|16}} All the new stores contained a mini labs, offering same day processing of photographic film. The company had reopened twenty eight stores across the United Kingdom, by September 2013. Jessops signed a landmark deal with [[Sainsbury's]] in July 2014, to start opening Jessops branches in its larger stores, the first of which opened in October 2014.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11148903/Sainsburys-to-open-Jessops-stores-in-supermarkets.html|title=Sainsbury's to open Jessops stores in supermarkets |newspaper=The Daily Telegraph |date=8 October 2014|access-date=1 September 2020}}</ref>{{Citation needed|date=April 2020}} There were fifty two stores of Jessops, by April 2016.{{Citation needed|date=April 2020}}
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===Reopening===
On 28 March 2013, six stores reopened, and Jones aimed to open a new store every day on average during April 2013. One of the six opened on the 28 March, the Oxford Street store in London, received considerable media interest, and was attended by several celebrities, including the actor [[James Corden]].{{Citation needed|date=April 2020}} Another London store, Birmingham, Manchester, Aberdeen and High Wycombe were the other five. St Albans opened on the 29 March. Several other stores reopened throughout April.<ref>{{cite web|url=https://www.bbc.co.uk/news/business-21970531|title=Camera chain Jessops re-opens two months after closing|date=28 March 2013|publisher=BBC News|accessdate=29 March 2013}}</ref><ref>{{cite news|author=David Risser|url=https://www.bloomberg.com/news/2013-03-28/jessops-reopens-on-london-s-oxford-street-led-by-dragons-star.html|title=Jessops Reopens on London's Oxford Street Led by 'Dragons' Star|date=28 March 2013|newspaper=Bloomberg|accessdate=28 March 2013}}</ref>{{update after|2013|8|16}} All the new stores contained a mini labs, offering same day processing of photographic film.


=== Financial difficulties (2019–present) ===
By September 2013, the company had opened twenty eight stores across the United Kingdom.
⚫
ReSolve were appointed as administrators for JR Prop Limited, in December 2019. This company holds property leases and employs retail staff, the main trading company, Jessops Europe Limited, was not affected.<ref name=":0" /><ref>{{Cite news|last=Butler|first=Sarah|url=https://www.theguardian.com/business/2019/dec/06/jessops-jobs-and-stores-at-risk-after-administrators-called-in|title=Jessops jobs and stores in jeopardy after administrators called in|date=2019-12-06|work=The Guardian|access-date=2020-04-14|language=en-GB|issn=0261-3077}}</ref><ref>{{Cite web|url=https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/IZP1KkvKrxxAOTKYoK1yQd6_krVulXcGOFIDTJPsh4s/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3M7C4AXTM%2F20200414%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200414T131931Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEFgaCWV1LXdlc3QtMiJHMEUCIA8%2BmkidbJWmhF1eR19q5dFrymwn0fXkVFvYtqK6Q7rWAiEA8clWYtMlHxqfF0er%2BCBRD1ba6YaRErwnlD8jvD6FbY8qtAMIcRACGgw0NDkyMjkwMzI4MjIiDLrSK7CV3XQYvdjBOCqRA8h9Nj4J6YsK5cmYwkunP24me1zCXKTYfZ3ZdcvLSZy%2FBe59sCSqUUL%2FAFCg5RroOmXSo4Y9gF%2B1lpFs94A5ShbogU80d3f%2BHeGAECYPvMsyyKuwsDBTRYhQMQ56yExsBt8l46Rvp%2BaWaB4taYDdpa%2BJKNypGyqp4Ky%2BC8U7fA7UmblUko54YTiNj7V4ewvFmy7yPo5u3Ea1bgGGvRZVwqW55tsg2fQBnfzPNpohWvkT4lQYeKTU6WWgRaKiggs0OBcA%2FWdMfa8jVphjItMsX3cQ6hssQSvC06zG2u9jM%2FleDtcf3d%2FI3II1TO6ZFR7e2p37lPk5ekl1yyFatY6bNDxg7cDZuOhJqRVX%2BDzJXSlS35ff28EHtsOYtKvRLfTu0M5zXLo5Vh017zcy5RRI1fO0lhP6HRA29Q7ghcz4APmD8Je4t384gfCcJ6h2Y9uNvvtgKzZ48PhCAGlm5CZgs7rafzsG%2BsRfPEdxlzlyk2G31RCqtiHluXkOq5BhrQ0%2BLH0D3BIikP0VbANcKB5jwI7SMMDf1fQFOusBmz0e1poGo3sXIR0J3xnDP1qrf2xPqFPQN93egNqA%2BPpY1FHikWgiA%2B9pIQ3eqfLOimdaWZ%2BXRgaMACGxsyQwHqXTKJAjFDbsE0VGsSnx2g7SJh5EB22nkmY4DI3mT1HwovwrrYh2YulYVcc%2FFodI15Z0wXh37txvRG0%2Fyw1xkiJizcH6UFQIFlx1x2swqlsRm%2Bx5sY8bN9IcfdUP2cD0UaLLp2R8qLK74GIrPM4z1j3mWeA2ROiuSn2MWzO880XGgH2TMUaxWQtqUhecto3ys6CjvUHD3edByEKqqqpAfY3XNYfKiqa%2BFgKcQQ%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=c278f48ec6568371980a950c229685371576cff85c61f3d7e35ca27b11209953|title=Notice of Admistration|last=|first=|date=2019-12-01|website=Companies House|page=5|access-date=}}</ref>


On the 26 March 2021, Jessops announced that were considering a [[Company Voluntary Arrangement]] (CVA) which would allow it to survive. PJ Investment Group is offering to provide additional financial support if management can come up with a sustainable business plan.<ref>{{Cite web|date=2021-03-26|title=Camera retailer Jessops calls in administrators for a second time|url=http://www.theguardian.com/business/2021/mar/26/jessops-calls-in-administrators-for-second-time-in-just-over-year|access-date=2021-03-26|website=The Guardian|language=en}}</ref> On 27 August 2021 Jessops successfully secured 100% approval of the CVA and PJ Investment Group invested several million pounds into the business in order to provide sufficient capital to grow the business.
In July 2014, Jessops signed a landmark deal with [[Sainsbury's]] to start opening Jessops branches in its larger stores.{{Citation needed|date=April 2020}}


In the year to 1 October 2023, the company reported revenues of £19.97 million, a decrease of 7.5 per cent on the previous year leading to a £1.2 million loss.<ref name=":1">{{Cite web |last=Cahill |first=Helen |date=2024-07-11 |title=Dragon’s camera chain Jessops faces closure over unpaid tax |url=https://www.thetimes.com/business-money/technology/article/dragons-camera-chain-jessops-unpaid-tax-hmrc-peter-jones-qs2phx6gg |access-date=2024-07-11 |website=www.thetimes.com |language=en}}</ref>
By April 2016, there were fifty two Jessops stores.{{Citation needed|date=April 2020}}


In July 2024, [[HM Revenue and Customs]] issued the company a winding-up petition due to its outstanding tax liability.<ref name=":1" />
⚫
In December 2019, ReSolve were appointed as administrators for JR Prop Limited. This company holds property leases and employs retail staff, the main trading company, Jessops Europe Limited, was not affected.<ref name=":0" /><ref>{{Cite news|last=Butler|first=Sarah|url=https://www.theguardian.com/business/2019/dec/06/jessops-jobs-and-stores-at-risk-after-administrators-called-in|title=Jessops jobs and stores in jeopardy after administrators called in|date=2019-12-06|work=The Guardian|access-date=2020-04-14|language=en-GB|issn=0261-3077}}</ref><ref>{{Cite web|url=https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/IZP1KkvKrxxAOTKYoK1yQd6_krVulXcGOFIDTJPsh4s/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3M7C4AXTM%2F20200414%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200414T131931Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEFgaCWV1LXdlc3QtMiJHMEUCIA8%2BmkidbJWmhF1eR19q5dFrymwn0fXkVFvYtqK6Q7rWAiEA8clWYtMlHxqfF0er%2BCBRD1ba6YaRErwnlD8jvD6FbY8qtAMIcRACGgw0NDkyMjkwMzI4MjIiDLrSK7CV3XQYvdjBOCqRA8h9Nj4J6YsK5cmYwkunP24me1zCXKTYfZ3ZdcvLSZy%2FBe59sCSqUUL%2FAFCg5RroOmXSo4Y9gF%2B1lpFs94A5ShbogU80d3f%2BHeGAECYPvMsyyKuwsDBTRYhQMQ56yExsBt8l46Rvp%2BaWaB4taYDdpa%2BJKNypGyqp4Ky%2BC8U7fA7UmblUko54YTiNj7V4ewvFmy7yPo5u3Ea1bgGGvRZVwqW55tsg2fQBnfzPNpohWvkT4lQYeKTU6WWgRaKiggs0OBcA%2FWdMfa8jVphjItMsX3cQ6hssQSvC06zG2u9jM%2FleDtcf3d%2FI3II1TO6ZFR7e2p37lPk5ekl1yyFatY6bNDxg7cDZuOhJqRVX%2BDzJXSlS35ff28EHtsOYtKvRLfTu0M5zXLo5Vh017zcy5RRI1fO0lhP6HRA29Q7ghcz4APmD8Je4t384gfCcJ6h2Y9uNvvtgKzZ48PhCAGlm5CZgs7rafzsG%2BsRfPEdxlzlyk2G31RCqtiHluXkOq5BhrQ0%2BLH0D3BIikP0VbANcKB5jwI7SMMDf1fQFOusBmz0e1poGo3sXIR0J3xnDP1qrf2xPqFPQN93egNqA%2BPpY1FHikWgiA%2B9pIQ3eqfLOimdaWZ%2BXRgaMACGxsyQwHqXTKJAjFDbsE0VGsSnx2g7SJh5EB22nkmY4DI3mT1HwovwrrYh2YulYVcc%2FFodI15Z0wXh37txvRG0%2Fyw1xkiJizcH6UFQIFlx1x2swqlsRm%2Bx5sY8bN9IcfdUP2cD0UaLLp2R8qLK74GIrPM4z1j3mWeA2ROiuSn2MWzO880XGgH2TMUaxWQtqUhecto3ys6CjvUHD3edByEKqqqpAfY3XNYfKiqa%2BFgKcQQ%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=c278f48ec6568371980a950c229685371576cff85c61f3d7e35ca27b11209953|title=Notice of Admistration|last=|first=|date=2019-12-01|website=Companies House|page=5|url-status=live|archive-url=|archive-date=|access-date=}}</ref>


==References==
==References==
{{Reflist|2}}
{{Reflist|refs=

<ref name='centon1'>{{cite web|url=https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00001383066|accessdate=2024-04-24|quote=Trade mark / CENTON / Goods and services [..] Optical, photographic and cinematographic apparatus and instruments [etc] [..] Owner(s) name / The Jessop Group Limited / 98 Scudamore Road, Leicester, LE3 1TZ, United Kingdom|title=Trade mark number UK00001383066|archiveurl=https://web.archive.org/web/20240424123106/https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00001383066|archivedate=2024-04-24}}</ref>

}}


==External links==
==External links==
{{commons category|Jessops}}
{{commons category|Jessops}}
* {{official website|https://www.jessops.com/}}

{{Authority control}}

[[Category:Companies based in Leicester]]
[[Category:Companies based in Leicester]]
[[Category:Photographic retailers]]
[[Category:Photographic retailers]]

Latest revision as of 11:33, 11 July 2024

Jessops Europe Limited
Company typePrivate limited company
IndustrieEinzelhandel
GegründetLeicester, United Kingdom (1935 (1935))
GründerFrank Jessop
Hauptsitz
Marlow
,
Vereinigtes Königreich
Number of locations
12 (2021) [1]
Area served
Vereinigtes Königreich
ProduktePhotographic equipment
Photograph processing
Revenue£236.8 million (2011) [2]
£5.7 million (2011) [2]
OwnerPJ Investment Group
Websitewww.jessops.com

Jessops (Group) Limited is a British photographic retailing company. It was established in 1935 by Frank Jessop in Leicester, United Kingdom. The company controls Jessops Europe Limited, which in turn control JR Prop Limited (formerly Jessops Retail Limited).[3][4][5]

In the end of the 2000s, the business struggled with insolvency, and entered administration in January 2013. The company was rescued by PJ Investment Group, founded by entrepreneur Peter Jones CBE who bought the assets, and formed Jessops (Group) Limited, and related companies.[6]

History

[edit]

Early years to 1990s

[edit]
A Centon (own-brand) tripod purchased from Jessops in the mid-1990s

Frank Jessop founded Jessop of Leicester in 1935, as a specialist photographic retailer. The company expanded to major towns and cities.[citation needed]

Jessop later used the Centon name as an own brand[7] for a range of photographic and related goods sold through its shops.

Sale of company and following years (1996–2007)

[edit]

In July 1996, Alan Jessop, the son of founder Frank Jessop, sold the firm in a management buyout to Bridgepoint Capital.[8]

Bridgepoint Capital attempted to float Jessops on the London Stock Exchange in September 2000, but abandoned plans the following month.[9] This was because it was told the firm would list with a market value of £90 million to £100 million.[9] The two hundredth store, Durham, opened in July 2001, which has since closed down.[citation needed] Jessops once again abandoned plans to float, in April 2002.[10]

ABN Amro paid £116 million for the company, in September 2002.[11] The sale was completed the next month.[12] ABN Amro applied to float on the London Stock Exchange in October 2004, which successfully occurred the next month.[13] In May 2004, the main warehouse relocated to Weedon Bec, Northamptonshire, as the warehouse in Leicester was considered too small.[14] This resulted in most of the staff being made redundant.[citation needed]

Financial problems (2007–2013)

[edit]

The company suffered financial difficulties by June 2007, requiring the 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. On 21 June 2007, Jessops announced the closure of 81 of its then 315 stores, as "part of a strategic review, which aimed to save the Leicester firm £15m".[15] HSBC acquired the company circa September 2009, in a "debt for equity" deal.[16] The Financial Times commented that the company was hurt by the increasing quality of mobile phone cameras, reducing demand for traditional cameras.[17][18]

On 9 January 2013, Jessops went into administration, with an application made to the High Court.[18][19] On 11 January, it was announced that all 187 stores would close, with the loss of 1,370 jobs. Shoppers who put up to £500 on a gift card, found them useless,[20] and the company ceased to accept customer returns, although manufacturers' warranties on products not branded by Jessops, were not affected.[citation needed]

On 31 January 2013, however, the brand of Jessops, and various assets, were acquired by PJ Investment Group owned by entrepreneur, Peter Jones, one of the investors from the television programme, Dragons' Den.[21] Various new companies were incorporated including Jessops (Group) Limited, Jessops Europe Limited and Jessops Retail Limited.[22][23][3] Jones also incorporated Jessops Online Limited, at the same time.[24]

On 3 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 the convenience store format by Morrisons, M Local.[25]

Reopening (2013–2019)

[edit]

On 28 March 2013, six stores reopened, and Jessops aimed to open a new store every day on average during April 2013. One of the six opened on the 28 March, the store in Oxford Street in London, received considerable media interest, and was attended by several celebrities, including the actor James Corden.[26][citation needed] Another store in London, Birmingham, Manchester, Aberdeen and High Wycombe were the other five.[27]

St Albans opened on the 29 March. Several other stores reopened throughout April.[28][29][needs update] All the new stores contained a mini labs, offering same day processing of photographic film. The company had reopened twenty eight stores across the United Kingdom, by September 2013. Jessops signed a landmark deal with Sainsbury's in July 2014, to start opening Jessops branches in its larger stores, the first of which opened in October 2014.[30][citation needed] There were fifty two stores of Jessops, by April 2016.[citation needed]

Financial difficulties (2019–present)

[edit]

ReSolve were appointed as administrators for JR Prop Limited, in December 2019. This company holds property leases and employs retail staff, the main trading company, Jessops Europe Limited, was not affected.[17][31][32]

On the 26 March 2021, Jessops announced that were considering a Company Voluntary Arrangement (CVA) which would allow it to survive. PJ Investment Group is offering to provide additional financial support if management can come up with a sustainable business plan.[33] On 27 August 2021 Jessops successfully secured 100% approval of the CVA and PJ Investment Group invested several million pounds into the business in order to provide sufficient capital to grow the business.

In the year to 1 October 2023, the company reported revenues of £19.97 million, a decrease of 7.5 per cent on the previous year leading to a £1.2 million loss.[34]

In July 2024, HM Revenue and Customs issued the company a winding-up petition due to its outstanding tax liability.[34]

References

[edit]
  1. ^ "Store Finder". Jessops. Retrieved 11 February 2020.
  2. ^ a b "Jessops reports rosy picture". Leicester Mercury. 7 June 2012. Archived from the original on 9 June 2012. Retrieved 2 February 2013.
  3. ^ a b "JR PROP LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  4. ^ "JESSOPS (GROUP) LIMITED". opencorporates.com. Retrieved 14 April 2020.
  5. ^ "Jessops Europe Limited". opencorporates.com. Retrieved 14 April 2020.
  6. ^ Cahill, Helen (11 July 2024). "Dragon's camera chain Jessops faces closure over unpaid tax". www.thetimes.com. Retrieved 11 July 2024.
  7. ^ "Trade mark number UK00001383066". Archived from the original on 24 April 2024. Retrieved 24 April 2024. Trade mark / CENTON / Goods and services [..] Optical, photographic and cinematographic apparatus and instruments [etc] [..] Owner(s) name / The Jessop Group Limited / 98 Scudamore Road, Leicester, LE3 1TZ, United Kingdom
  8. ^ "Jessops". www.buyoutsinsider.com. 1 November 2002. Retrieved 1 September 2020.
  9. ^ a b "Newswatch: Jessops ditches float plans". accountancyage.com. 15 October 2000. Retrieved 21 August 2015.
  10. ^ "Jessop pulls yet another float". The Daily Telegraph. 28 April 2002. Retrieved 21 August 2015.
  11. ^ "ABN Amro zooms in to snap up Jessops". The Daily Telegraph. 16 September 2002.
  12. ^ "Jessops chain sold to ABN Amro". Evening Standard. 24 October 2002.
  13. ^ "Jessops to float on stock market". The Guardian. 8 October 2004. Retrieved 21 August 2015.
  14. ^ "Jessops moves warehouse staff". www.retail-week.com. 7 May 2004. Retrieved 1 September 2020.
  15. ^ "Jessops to cut shops and workers". BBC News. 21 June 2007. Retrieved 21 August 2015.
  16. ^ "Jessops hands over control to HSBC in rescue deal". The Guardian. 29 September 2009. Retrieved 31 August 2020.
  17. ^ a b "Owner of Jessops store leases files for administration". www.ft.com. 16 October 2019. Retrieved 14 April 2020.
  18. ^ a b "Jessops camera chain in administration". BBC News. 9 January 2013.
  19. ^ "JGLCC Camera Company Limited (formerly the Jessop Group Limited) - in Administration". 22 June 2017. Archived from the original on 22 June 2017. Retrieved 14 April 2020.
  20. ^ Jessops Employee. "Weathering the Jessops Administration". Retrieved 19 March 2013.
  21. ^ "Jessops brand sold to Peter Jones". BBC News. 31 January 2013.
  22. ^ "JESSOPS (GROUP) LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  23. ^ "JESSOPS EUROPE LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  24. ^ "JESSOPS ONLINE LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  25. ^ "Morrisons buys clutch of Jessops shops". The Daily Telegraph. 3 February 2013. Retrieved 3 February 2013.
  26. ^ "Peter Jones leads relaunch of Jessops with Oxford Street store". Evening Standard. 28 March 2013. Retrieved 1 September 2020.
  27. ^ "Jessops reopens in Birmingham". www.itv.com. 28 March 2013. Retrieved 1 September 2020.
  28. ^ "Camera chain Jessops re-opens two months after closing". BBC News. 28 March 2013. Retrieved 29 March 2013.
  29. ^ David Risser (28 March 2013). "Jessops Reopens on London's Oxford Street Led by 'Dragons' Star". Bloomberg. Retrieved 28 March 2013.
  30. ^ "Sainsbury's to open Jessops stores in supermarkets". The Daily Telegraph. 8 October 2014. Retrieved 1 September 2020.
  31. ^ Butler, Sarah (6 December 2019). "Jessops jobs and stores in jeopardy after administrators called in". The Guardian. ISSN 0261-3077. Retrieved 14 April 2020.
  32. ^ "Notice of Admistration". Companies House. 1 December 2019. p. 5.
  33. ^ "Camera retailer Jessops calls in administrators for a second time". The Guardian. 26 March 2021. Retrieved 26 March 2021.
  34. ^ a b Cahill, Helen (11 July 2024). "Dragon's camera chain Jessops faces closure over unpaid tax". www.thetimes.com. Retrieved 11 July 2024.
[edit]
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