Jessops is latest High Street name to fall into administration

Around 2,000 jobs at the camera chain are under threat

Around 2,000 jobs at camera chain Jessops are under threat after the group collapsed into administration today.

PricewaterhouseCoopers (PwC) has been appointed to the group, which is Britain's only specialist nationwide camera retailer, with nearly 200 stores.

It marks the first high-profile retail collapse of 2013 and comes soon after consumer electricals chain Comet hit the wall, sparking more than 6,000 job losses.

Jessops, which has its headquarters in Leicester, has suffered in recent years from online competition and the boom in camera phones, which has hit demand for digital cameras.

Administrator Rob Hunt said PwC was holding discussions with stakeholders to see if the business could be preserved.

He said: "Trading in the stores is hoped to continue today, but is critically dependent on these ongoing discussions. However, in the current economic climate, it is inevitable that there will be store closures."

PwC said the company's core market had seen a "significant decline" in 2012 and its position had "deteriorated" in the run-up to Christmas, as a result of reducing confidence in UK retail.

Forecasts for 2013 indicated the decline would continue, PwC added.

PwC said extra funding was made available to the company, but Jessops did not generate the profits it had planned over Christmas.

Mr Hunt said discussions to raise additional financial support for the company had been held between the directors, lenders and suppliers over the last few days.

But the directors had appointed administrators in light of "irreconcilable differences".

PwC said Jessops was not in a position to honour customer vouchers at present, and it would also not accept returned goods.

Administrator Rob Hunt said PwC was holding discussions with stakeholders to see if the business could be preserved.

He said: "Trading in the stores is hoped to continue today, but is critically dependent on these ongoing discussions. However, in the current economic climate, it is inevitable that there will be store closures."

PwC said the company's core market had seen a "significant decline" in 2012 and its position had "deteriorated" in the run-up to Christmas, as a result of reducing confidence in UK retail.

Forecasts for 2013 indicated the decline would continue, PwC added.

PwC said extra funding was made available to the company, but Jessops did not generate the profits it had planned over Christmas.

Mr Hunt said discussions to raise additional financial support for the company had been held between the directors, lenders and suppliers over the last few days.

But the directors had appointed administrators in light of "irreconcilable differences".

PwC said Jessops was not in a position to honour customer vouchers at present, and it would also not accept returned goods.

PA

Start your day with The Independent, sign up for daily news emails
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...

Guru Careers: C# Project Team Lead

£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...

Guru Careers: Graduate Editor / Editorial Assistant

£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine