Jessops brings options into focus with adviser talks
The main lender to Jessops, the 200-store camera retailer, has held talks with advisers over recent weeks to explore its options for the chain over the next year.
HSBC, the retailer's biggest shareholder with nearly a 50 per cent stake, has had discussions with accountancy firms, such as Zolfo Cooper, about helping Jessops with its financial planning and strategy for what is expected to be another tough year for consumer spending.
The bank, which saved Jessops from administration in 2009 via a debt-for-equity swap, is also understood to have gauged the interest of advisers in running a potential sale of the retailer. Zolfo Cooper, Jessops and HSBC declined to comment.
Jessops has endured a troubled time over recent years. But trading is thought to have improved since its rescue deal with HSBC took it private three years ago.
It posted a pre-tax loss of £12m for the year to 2 January 2011, on turnover of £304.6m. But like-for-like sales rose 5.1 per cent and online growth was 94 per cent growth. Its gross profit in 2010 was £87.7m.
- 1 Barbarians vs Samoa interrupted by sprinklers as fans criticise lack of Wi-Fi and poor seating at West Ham's Olympic Stadium
- 2 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 3 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
- 4 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 5 David De Gea to Real Madrid: Real finally get their man with £29m bid for Manchester United goalkeeper
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Turkey duped the US, and Isis reaps rewards
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...