Camera retailer Jessops has filed notice to appoint administrators after it was affected by lockdown restrictions, appointing FRP advisory to the role.
The company, which is owned by PJ Investment Group, said it is now considering a Company’s Voluntary Arrangement (CVA) in a bid to protect the business.
Jessops employs 120 staff, and trades online and through 17 stores. All stores, including its flagship outlets in London Oxford Street and Birmingham, are currently closed in line with government restrictions and plan to reopen on 12 April, while the online store continues to trade as normal.
PJ Investment Group acquired the brand in January 2013 and has “made a multi-million pound investment in restructuring and revitalising the business”.
A spokesperson for Jessops said: “We have filed a notice of intention to appoint administrators with a view to consider a CVA process in order to protect the business for our staff, our partners and creditors as we look to carve out a new strategy that will enable the business to continue to compete.
“No doubt, that will include further growing Jessops’ digital offering, as well as considering the opportunities to partner with other retailers to continue Jessops’ high street presence.”
They added: “We are working closely with key suppliers and partners to agree a way forward and PJ Investment Group have confirmed that they stand ready to provide additional funding if a suitable agreement can be reached on sustainably supporting Jessops in the next stage of its development.”