Dragons’ Den star and prolific entrepreneur Peter Jones, who owns troubled camera retail chain Jessops, has announced plans to call in administrators in order to secure a future for the business.
Jessops, one of Jones’ portfolio of businesses, is an iconic British brand which opened its first store in Leicester in 1935. Over the last 84 years, it has built risen to become an iconic part of the UK high street, but it has fallen on hard times in recent years.
Jones bought the first out of administration in 2013, after the firm collapsed under its debt of around £81m.
While the firm has recovered, with revenues increasing most years, the company reported a profit of less than £10,000.
Jones has reportedly planned to seek a rescue deal for the firm’s property arm, JR Prop Limited. Jessops reported a steep increase in rental costs over the last few years – a growing trend in the UK high street.