Dragons' Den's Peter Jones buys Jessops to run as online outfit
Entrepreneur has not bought any of the chain's physical stores
Peter Jones, the giant star of the BBC's Dragons' Den series, has acquired the brand of Jessops, the collapsed camera retailer, out of administration.
The high-profile entrepreneur has bought Jessops to run it as a purely online retailer of camera and photography equipment and has not bought any of the chain’s 187 stores, which all closed just two days after it hired PwC as administrator last month.
Mr Jones, who made his fortune in mobile devices and stands at six foot 7 inches, has been a fixture on the BBC’s entrepreneur’s show since 2005 and has an estimated personal fortune of £402m.
He is likely to have paid a multi-pound sum for the Jessops’ brand, but financial details were not disclosed. The move by Mr Jones follows Shop Direct, the home shopping group, acquiring Woolworths to run it as an online-only brand in early 2009. The administration of Jessops was quickly followed by the collapse of the entertainment chain HMV and the DVD rental firm Blockbuster in January, capping a dreadful month for thousands of high street staff who lost their jobs.
Jessops, which had employed 2,000 staff, had called in PwC after struggling for years against the inexorable shift to consumers buying cameras online or simply using their smartphones for taking pictures.
The retailer had only narrowly avoided collapse in 2009 by implementing a painful debt-for-equity swap which saw its main bank, HSBC, take a 47 per cent stake. Jessops made a loss of £5.2m in the year to January 2012.
Mr Jones, who has five children, two pigs and a “field full of cows”, is reported to have made £38m in 2011 from the sale of his telecoms firm Wireless Logic, which he had only paid £250,000 for in 2002.
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 5 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
Scientists discover way to unboil an egg – and the results are not as pointless as that sounds
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...