Jessops

File:Centon PV27 tripod from Jessops.jpg

Frank Jessop founded Jessop of Leicester in 1935, as a specialist photographic retailer. The company expanded to major towns and cities.{{Citation needed|date=April 2020}}

{{anchor|centon}}Jessop later used the Centon name as an own brand for a range of photographic and related goods sold through its shops.

In July 1996, Alan Jessop, the son of founder Frank Jessop, sold the firm in a management buyout to Bridgepoint Capital.{{cite news|url=https://www.buyoutsinsider.com/jessops-2/|title=Jessops|website=www.buyoutsinsider.com|date=1 November 2002|access-date=1 September 2020}}

Bridgepoint Capital attempted to float Jessops on the London Stock Exchange in September 2000, but abandoned plans the following month.{{cite web|url=http://www.accountancyage.com/aa/news/1779794/newswatch-jessops-ditches-float-plans|title=Newswatch: Jessops ditches float plans|website=accountancyage.com|date=15 October 2000|access-date=21 August 2015}} This was because it was told the firm would list with a market value of £90 million to £100 million. The two hundredth store, Durham, opened in July 2001, which has since closed down.{{Citation needed|date=April 2020}} Jessops once again abandoned plans to float, in April 2002.{{cite web|url=https://www.telegraph.co.uk/finance/2761160/Jessop-pulls-yet-another-float.html|title=Jessop pulls yet another float|newspaper=The Daily Telegraph |date=28 April 2002|access-date=21 August 2015}}

ABN Amro paid £116 million for the company, in September 2002.{{cite web|url=https://www.telegraph.co.uk/finance/personalfinance/2773552/ABN-Amro-zooms-in-to-snap-up-Jessops.html|title=ABN Amro zooms in to snap up Jessops|newspaper=The Daily Telegraph |date=16 September 2002}} The sale was completed the next month.{{cite web|url=https://www.standard.co.uk/news/jessops-chain-sold-to-abn-amro-7287014.html|title=Jessops chain sold to ABN Amro|newspaper=Evening Standard |date=24 October 2002}} ABN Amro applied to float on the London Stock Exchange in October 2004, which successfully occurred the next month.{{cite web|url=https://www.theguardian.com/business/2004/oct/08/money|title=Jessops to float on stock market|newspaper=The Guardian |date=8 October 2004|access-date=21 August 2015}} In May 2004, the main warehouse relocated to Weedon Bec, Northamptonshire, as the warehouse in Leicester was considered too small.{{cite news|url=https://www.retail-week.com/jessops-moves-warehouse-staff/1716202.article|title=Jessops moves warehouse staff|website=www.retail-week.com|date=7 May 2004|access-date=1 September 2020}} This resulted in most of the staff being made redundant.{{Citation needed|date=April 2020}}

The company suffered financial difficulties by June 2007, requiring the 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".{{cite web|url=http://news.bbc.co.uk/1/hi/business/6225070.stm|title=Jessops to cut shops and workers|publisher=BBC News |date=21 June 2007|access-date=21 August 2015}} HSBC acquired the company circa September 2009, in a "debt for equity" deal.{{cite web|url=https://www.theguardian.com/business/2009/sep/29/jessops-sells-stake-hsbc|title=Jessops hands over control to HSBC in rescue deal|newspaper=The Guardian|date=29 September 2009|access-date=31 August 2020}} The Financial Times commented that the company was hurt by the increasing quality of mobile phone cameras, reducing demand for traditional cameras.{{Cite web|url=https://www.ft.com/content/5393cab6-f02a-11e9-bfa4-b25f11f42901|title=Owner of Jessops store leases files for administration|last=|first=|date=2019-10-16|website=www.ft.com|access-date=2020-04-14}}

On 9 January 2013, Jessops went into administration, with an application made to the High Court.{{cite web | url=https://www.bbc.co.uk/news/business-20958659 | title=Jessops camera chain in administration | publisher=BBC News | date=9 January 2013}}{{Cite web|url=https://www.pwc.co.uk/services/business-recovery/administrations/jessop_group.html|archive-url=https://web.archive.org/web/20170622161803/https://www.pwc.co.uk/services/business-recovery/administrations/jessop_group.html|url-status=dead|archive-date=2017-06-22|title=JGLCC Camera Company Limited (formerly the Jessop Group Limited) - in Administration|date=2017-06-22|access-date=2020-04-14}} On 11 January, it was announced that all 187 stores would close, with the loss of 1,370 jobs. Shoppers who put up to £500 on a gift card, found them useless,{{cite web | url=http://opnlttr.com/letter/weathering-jessops-administration | title=Weathering the Jessops Administration | access-date=19 March 2013 | author=Jessops Employee}} and the company ceased to accept customer returns, although manufacturers' warranties on products not branded by Jessops, were not affected.{{Citation needed|date=April 2020}}

On 31 January 2013, however, the brand of Jessops, and various assets, were acquired by PJ Investment Group owned by entrepreneur, Peter Jones, one of the investors from the television programme, Dragons' Den.{{cite web | url=https://www.bbc.co.uk/news/business-21285587 | title=Jessops brand sold to Peter Jones | publisher=BBC News | date=31 January 2013}} Various new companies were incorporated including Jessops (Group) Limited, Jessops Europe Limited and Jessops Retail Limited.{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384799|title=JESSOPS (GROUP) LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384909|title=JESSOPS EUROPE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}} Jones also incorporated Jessops Online Limited, at the same time.{{Cite web|url=https://beta.companieshouse.gov.uk/company/08384997|title=JESSOPS ONLINE LIMITED - Overview (free company information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2020-04-14}}

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 the convenience store format by Morrisons, M Local.{{cite news | url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9844802/Morrisons-buys-clutch-of-Jessops-shops.html | title=Morrisons buys clutch of Jessops shops | newspaper=The Daily Telegraph | date=3 February 2013 | access-date=3 February 2013}}

On 28 March 2013, six stores reopened, and Jessops aimed to open a new store every day on average during April 2013. One of the six opened on the 28 March, the store in Oxford Street in London, received considerable media interest, and was attended by several celebrities, including the actor James Corden.{{cite news|url=https://www.standard.co.uk/business/business-news/peter-jones-leads-relaunch-of-jessops-with-oxford-street-store-8552640.html|title=Peter Jones leads relaunch of Jessops with Oxford Street store|website=Evening Standard |date=28 March 2013|access-date=1 September 2020}}{{Citation needed|date=April 2020}} Another store in London, Birmingham, Manchester, Aberdeen and High Wycombe were the other five.{{cite news|url=https://www.itv.com/news/central/story/2013-03-28/jessops-reopens-in-birmingham/|title=Jessops reopens in Birmingham|website=www.itv.com|date=28 March 2013|access-date=1 September 2020}}

St Albans opened on the 29 March. Several other stores reopened throughout April.{{cite web|url=https://www.bbc.co.uk/news/business-21970531|title=Camera chain Jessops re-opens two months after closing|date=28 March 2013|publisher=BBC News|access-date=29 March 2013}}{{cite news|author=David Risser|url=https://www.bloomberg.com/news/2013-03-28/jessops-reopens-on-london-s-oxford-street-led-by-dragons-star.html|title=Jessops Reopens on London's Oxford Street Led by 'Dragons' Star|date=28 March 2013|newspaper=Bloomberg|access-date=28 March 2013}}{{update after|2013|8|16}} All the new stores contained a mini labs, offering same day processing of photographic film. The company had reopened twenty eight stores across the United Kingdom, by September 2013. Jessops signed a landmark deal with Sainsbury's in July 2014, to start opening Jessops branches in its larger stores, the first of which opened in October 2014.{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11148903/Sainsburys-to-open-Jessops-stores-in-supermarkets.html|title=Sainsbury's to open Jessops stores in supermarkets |newspaper=The Daily Telegraph |date=8 October 2014|access-date=1 September 2020}}{{Citation needed|date=April 2020}} There were fifty two stores of Jessops, by April 2016.{{Citation needed|date=April 2020}}

ReSolve were appointed as administrators for JR Prop Limited, in December 2019. This company holds property leases and employs retail staff, the main trading company, Jessops Europe Limited, was not affected.{{Cite news|last=Butler|first=Sarah|url=https://www.theguardian.com/business/2019/dec/06/jessops-jobs-and-stores-at-risk-after-administrators-called-in|title=Jessops jobs and stores in jeopardy after administrators called in|date=2019-12-06|work=The Guardian|access-date=2020-04-14|language=en-GB|issn=0261-3077}}{{Cite web|url=https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/IZP1KkvKrxxAOTKYoK1yQd6_krVulXcGOFIDTJPsh4s/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3M7C4AXTM%2F20200414%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200414T131931Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEFgaCWV1LXdlc3QtMiJHMEUCIA8%2BmkidbJWmhF1eR19q5dFrymwn0fXkVFvYtqK6Q7rWAiEA8clWYtMlHxqfF0er%2BCBRD1ba6YaRErwnlD8jvD6FbY8qtAMIcRACGgw0NDkyMjkwMzI4MjIiDLrSK7CV3XQYvdjBOCqRA8h9Nj4J6YsK5cmYwkunP24me1zCXKTYfZ3ZdcvLSZy%2FBe59sCSqUUL%2FAFCg5RroOmXSo4Y9gF%2B1lpFs94A5ShbogU80d3f%2BHeGAECYPvMsyyKuwsDBTRYhQMQ56yExsBt8l46Rvp%2BaWaB4taYDdpa%2BJKNypGyqp4Ky%2BC8U7fA7UmblUko54YTiNj7V4ewvFmy7yPo5u3Ea1bgGGvRZVwqW55tsg2fQBnfzPNpohWvkT4lQYeKTU6WWgRaKiggs0OBcA%2FWdMfa8jVphjItMsX3cQ6hssQSvC06zG2u9jM%2FleDtcf3d%2FI3II1TO6ZFR7e2p37lPk5ekl1yyFatY6bNDxg7cDZuOhJqRVX%2BDzJXSlS35ff28EHtsOYtKvRLfTu0M5zXLo5Vh017zcy5RRI1fO0lhP6HRA29Q7ghcz4APmD8Je4t384gfCcJ6h2Y9uNvvtgKzZ48PhCAGlm5CZgs7rafzsG%2BsRfPEdxlzlyk2G31RCqtiHluXkOq5BhrQ0%2BLH0D3BIikP0VbANcKB5jwI7SMMDf1fQFOusBmz0e1poGo3sXIR0J3xnDP1qrf2xPqFPQN93egNqA%2BPpY1FHikWgiA%2B9pIQ3eqfLOimdaWZ%2BXRgaMACGxsyQwHqXTKJAjFDbsE0VGsSnx2g7SJh5EB22nkmY4DI3mT1HwovwrrYh2YulYVcc%2FFodI15Z0wXh37txvRG0%2Fyw1xkiJizcH6UFQIFlx1x2swqlsRm%2Bx5sY8bN9IcfdUP2cD0UaLLp2R8qLK74GIrPM4z1j3mWeA2ROiuSn2MWzO880XGgH2TMUaxWQtqUhecto3ys6CjvUHD3edByEKqqqpAfY3XNYfKiqa%2BFgKcQQ%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=c278f48ec6568371980a950c229685371576cff85c61f3d7e35ca27b11209953|title=Notice of Admistration|last=|first=|date=2019-12-01|website=Companies House|page=5|access-date=}}

On the 26 March 2021, Jessops announced that were considering a Company Voluntary Arrangement (CVA) which would allow it to survive. PJ Investment Group is offering to provide additional financial support if management can come up with a sustainable business plan.{{Cite web|date=2021-03-26|title=Camera retailer Jessops calls in administrators for a second time|url=http://www.theguardian.com/business/2021/mar/26/jessops-calls-in-administrators-for-second-time-in-just-over-year|access-date=2021-03-26|website=The Guardian|language=en}} On 27 August 2021 Jessops successfully secured 100% approval of the CVA and PJ Investment Group invested several million pounds into the business in order to provide sufficient capital to grow the business.

In the year to 1 October 2023, the company reported revenues of £19.97 million, a decrease of 7.5 per cent on the previous year leading to a £1.2 million loss.{{Cite web |last=Cahill |first=Helen |date=2024-07-11 |title=Dragon’s camera chain Jessops faces closure over unpaid tax |url=https://www.thetimes.com/business-money/technology/article/dragons-camera-chain-jessops-unpaid-tax-hmrc-peter-jones-qs2phx6gg |access-date=2024-07-11 |website=The Times|language=en}}

In July 2024, HM Revenue and Customs issued the company a winding-up petition due to its outstanding tax liability.

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{{cite web|url=https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00001383066|accessdate=2024-04-24|quote=Trade mark / CENTON / Goods and services [..] Optical, photographic and cinematographic apparatus and instruments [etc] [..] Owner(s) name / The Jessop Group Limited / 98 Scudamore Road, Leicester, LE3 1TZ, United Kingdom|title=Trade mark number UK00001383066|archiveurl=https://web.archive.org/web/20240424123106/https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00001383066|archivedate=2024-04-24}}

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{{commons category|Jessops}}

• {{official website|https://www.jessops.com/}}

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Category:Companies based in Leicester

Category:Photographic retailers

Category:Consumer electronics retailers of the United Kingdom

Category:Companies formerly listed on the London Stock Exchange

Category:Photography companies of the United Kingdom

Category:Companies that have entered administration in the United Kingdom

Category:Retail companies established in 1935

Category:Retail companies of the United Kingdom

Category:1935 establishments in the United Kingdom

Category:2004 initial public offerings