Entrepreneur Peter Jones, famous for his role on hit television series Dragons Den, has been revealed as the successful bidder for stricken camera chain Jessops. While a “number of buyers” have managed to pick off assets belonging to the business, it is understood that Mr Jones will be the primary buyer and will gain the rights to the Jessops brand.
Jessops Cherry Street, Birmingham. All 187 stores have closed
At present, the deal between Mr Jones and administrators PricewaterhouseCoopers remains confidential while terms are agreed upon, although it is believed that the Jessops brand will largely continue online in future.
Hardly surprising, given that the technology entrepreneur is the owner of successful websites Phones International and Expansys, thus giving him something of an edge in the world of online marketing.
No other buyers have been confirmed at present, but are believed to have snapped up all remaining assets of the Jessops chain. These assets not only include any leases on commercial properties but also intellectual property and leftover stock.
Rumours continue to circulate about Hilco’s involvement in the sale, after it was revealed that the HMV Canada owners had bought out all debt for the UK arm of the popular record store. This, in effect, places it in firm control of the continuing HMV operations – speculation is rife that they also paid a stake in the Jessops sale in order to install concessions of the camera chain within HMV stores nationwide, thus expanding the consumer base of the struggling entertainment chain.
A spokesman for PwC refused to comment on the potential involvement of Hilco, but said;
“We can confirm that we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter Jones.”
While this sale promises a future for the Jessops brand, it will offer little comfort to the past employees of Jessops. Unusually PwC chose to close all 187 of the camera business’ stores in the UK, rather than the more common administration process of allowing profitable stores to remain trading as a means of eating into the net debt.
As a result, up to 2000 jobs were lost almost immediately and there is now little chance that those made redundant will be able to regain their original positions once the chain is back on its feet.
Meanwhile it has been announced that up to 100 HMV stores will close this week as part of the restructuring of the business. Together with those belonging to Jessops, the closures represent further bad news for the UK high street.
