Dragon’s Den star Peter Jones, owner of camera retailer Jessops, is planning to call in administrators in an attempt to save the embattled chain.
According to Sky News, JR Prop Limited which manages the retailers leasehold estate, is looking to appoint restructuring advisory firm, Resolve, as the administrator.
Sky News said that Jones will seek to agree a Company Voluntary Arrangement (CVA) if the administration is confirmed, which would lead to the shuttering of stores and rent cuts.
It is believed that discussions with landlords has been underway for some time, with the administration said to be necessary to move forward with any restructuring. Sky News added it is thought Jones still believes Jessops has a viable future if the administration goes ahead.
Jessops employs around 500 staff, and the move will put a number of those roles at risk.
Jones originally bought the company out of administration in 2013.