Jessops

Jessops (Group) Limited is a British photographic retailing company. It was established 1935, by Frank Jessop in Leicester, United Kingdom. The company controls Jessops Europe Limited, which in turn control JR Prop Limited (formally Jessops Retail Limited).[3][4][5]

Jessops Europe Limited
Private limited company
IndustryRetail
FoundedLeicester, United Kingdom (1935 (1935))
FounderFrank Jessop
Headquarters
Marlow
,
United Kingdom
Number of locations
21 (2020) [1]
Area served
United Kingdom
ProductsPhotographic equipment
Photograph processing
Revenue£236.8 million (2011)[2]
£5.7 million (2011)[2]
OwnerPeter Jones
Websitewww.jessops.com

In the late 2000s the business struggled with insolvency and entered administration in 2013. The company was rescued by British entrepreneur Peter Jones CBE who bought the assets and formed Jessops (Group) Limited and related companies.

History

Frank Jessop founded Jessop of Leicester in 1935, as a specialist photographic retailer. The company expanded to major towns and cities.

In July 1996, Alan Jessop, Frank's son, sold the firm in a management buy out. This was to Bridgepoint Capital.

In September 2000, Bridgepoint Capital attempted to float Jessops on the London Stock Exchange, but abandoned plans the following month.[6] This was because it was told the firm would list with a market value of £90 million to £100 million.[6]

The two hundredth store, Durham, opened in July 2001.

In April 2002, Jessops again abandoned plans to float.[7]

In September 2002, ABN Amro paid £116 million for the company.[8] The sale was completed the next month.[9] In October 2004, ABN Amro applied to float on the London Stock Exchange, which successfully occurred the next month.[10] In May 2004, the main warehouse relocated to Weedon Bec, Northamptonshire, as the warehouse in Leicester was considered too small. This resulted in most of the staff being made redundant.

Financial problems (2007 - 2013)

In June 2007, the company suffered financial difficulties requiring a strategic review, and eventually leading to a re-financing with its bankers, HSBC, in September 2009. This led to the group's trade being transferred to a new holding company, Snap Equity Limited, whilst Jessops plc was placed in liquidation and the group's final salary pension scheme transferred to the Pension Protection Fund.

Snap Equity was formed as a private company 48% owned by HSBC, 33% by pension trustees and 20% by an employee trust. On 21 June 2007, Jessops announced the closure of 81 of its then 315 stores, as "part of a strategic review, which aimed to save the Leicester firm £15m."[11]

Circa 2010, HSBC acquired the company in a debt-for-equity deal. The Financial Times commented that the company was hurt by the quality of mobile phone cameras reducing demand for traditional cameras.[12][13]

On 9 January 2013, Jessops went into administration, with an application made to the High Court.[13][14] On 11 January, it was announced that all 187 stores would close, with the loss of 1,370 jobs. Shoppers who put anywhere up to £500 on a gift card, found them useless[15] and company ceased to accept customer returns although manufacturers' warranties on products not branded by Jessops were not affected.

On 31 January 2013, however, the Jessops brand and various assets were acquired by entrepreneur Peter Jones, one of the investors from the television programme Dragons' Den.[16] Various new companies were incorporated including Jessops (Group) Limited, Jessops Europe Limited and Jessops Retail Limited.[17][18][19] Jones also incorporated Jessops Online Limited at the same time.[20]

On 3 February, the supermarket retailer Morrisons agreed to purchase seven of Jessops larger store sites from the administrators for an undisclosed price, to be converted to Morrisons convenience store format M Local.[21]

Reopening

On 28 March 2013, six stores reopened, and Jones aimed to open a new store every day on average during April 2013. One of the six opened on the 28 March, the Oxford Street store in London, received considerable media interest, and was attended by several celebrities, including the actor James Corden. Another London store, Birmingham, Manchester, Aberdeen and High Wycombe were the other five. St Albans opened on the 29 March. Several other stores reopened throughout April.[22][23] All the new stores contained a mini labs, offering same day processing of photographic film.

By September 2013, the company had opened twenty eight stores across the United Kingdom.

In July 2014, Jessops signed a landmark deal with Sainsbury's to start opening Jessops branches in its larger stores.

By April 2016, there were fifty two Jessops stores.

In December 2019, ReSolve were appointed as administrators for JR Prop Limited. This company holds property leases and employs retail staff, the main trading company, Jessops Europe Limited, was not affected.[12][24][25]

References
  1. "Store Finder". Jessops. Retrieved 11 February 2020.
  2. "Jessops reports rosy picture". Leicester Mercury. 7 June 2012. Archived from the original on 9 June 2012. Retrieved 2 February 2013.
  3. "JR PROP LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  4. "JESSOPS (GROUP) LIMITED". opencorporates.com. Retrieved 14 April 2020.
  5. "Jessops Europe Limited". opencorporates.com. Retrieved 14 April 2020.
  6. "Newswatch: Jessops ditches float plans". accountancyage.com. 15 October 2000. Retrieved 21 August 2015.
  7. "Jessop pulls yet another float". www.telegraph.co.uk. 28 April 2002. Retrieved 21 August 2015.
  8. "ABN Amro zooms in to snap up Jessops". www.telegraph.co.uk. 16 September 2002.
  9. "Jessops chain sold to ABN Amro". standard.co.uk. 24 October 2002.
  10. "Jessops to float on stock market". theguardian.com. 8 October 2004. Retrieved 21 August 2015.
  11. "Jessops to cut shops and workers". news.bbc.co.uk. 21 June 2007. Retrieved 21 August 2015.
  12. "Owner of Jessops store leases files for administration". www.ft.com. 16 October 2019. Retrieved 14 April 2020.
  13. "Jessops camera chain in administration". BBC News. 9 January 2013.
  14. "JGLCC Camera Company Limited (formerly the Jessop Group Limited) - in Administration". web.archive.org. 22 June 2017. Retrieved 14 April 2020.
  15. Jessops Employee. "Weathering the Jessops Administration". Retrieved 19 March 2013.
  16. "Jessops brand sold to Peter Jones". BBC News. 31 January 2013.
  17. "JESSOPS (GROUP) LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  18. "JESSOPS EUROPE LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  19. "JR PROP LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  20. "JESSOPS ONLINE LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 April 2020.
  21. "Morrisons buys clutch of Jessops shops". The Daily Telegraph. The Daily Telegraph. 3 February 2013. Retrieved 3 February 2013.
  22. "Camera chain Jessops re-opens two months after closing". BBC News. 28 March 2013. Retrieved 29 March 2013.
  23. David Risser (28 March 2013). "Jessops Reopens on London's Oxford Street Led by 'Dragons' Star". Bloomberg. Retrieved 28 March 2013.
  24. Butler, Sarah (6 December 2019). "Jessops jobs and stores in jeopardy after administrators called in". The Guardian. ISSN 0261-3077. Retrieved 14 April 2020.
  25. "Notice of Admistration". Companies House. 1 December 2019. p. 5.
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