The BBC reports “Dragons Den” star Peter Jones, plans to call in administrators to help secure the future of the Jessops camera chain, which he bought the chain from administrators in 2013 after it collapsed under £81 million of debt. According to the article, while revenues have increased most years since then, profits fell to less than £10,000 last year.
Jones reportedly plans to seek a rescue deal for the firm’s property arm, JR Prop Limited, citing a steep increase in rental costs since 2017, the report said. Jones is reportedly seeking a rescue deal, known as a company voluntary agreement (CVA) with its landlords and lenders. This is an insolvency process that allows a business to reach an agreement with its creditors to pay off all or part of its debts and is often used as an opportunity to renegotiate rents.
Sky News said the CVA was expected to lead to store closures and rent cuts. Jones bought the troubled chain in 2013, which then closed about 180 locations. Jessops currently has 48 stores and 500 employees.