Bank now biggest shareholder after Jessop's survival deal

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The UK's biggest camera retailer today unveiled a survival deal which secures 2,000 jobs but leaves its bank owning almost half of the firm.

Struggling Jessops is laden with debt and said its only alternative was insolvency because suppliers were unwilling to support it in the run-up to the key Christmas trading period.

The Leicester-based firm, which has more than 200 stores, is selling its assets to a new company 47 per cent owned by HSBC and 33 per cent owned by pension trustees, with the remaining 20 per cent held by an employee trust.

Just £100,000 will be left to split between shareholders in the old business, Jessops said.