Say Cheese!

Posted on Jul 04, 2024. by NTI

HMRC are reported to have filed a winding up petition against the Jessops camera chain, owned by Dragons’ Den panelist Peter Jones.

The disclosure came alongside accounts that showed sales in the year to October 1, 2023, had fallen by 7.5 per cent to £19.97 million, from £21.58 million previously, leading to a loss of £1.2 million. The company’s total net liability widened to £16.9 million.

Jessops was purchased out of Administration in 2013 by Mr Jones’ PJ Investment Group. He has reportedly boosted online sales and reopened Jessops stores across the country.

Jessops has struggled in recent years as smartphone cameras get increasingly more powerful and capable, and the need for dedicated photography equipment has waned for many people. The company has recently attempted to pivot to cater for a new generation of social media influencers creating online content for Instagram and TikTok.

The company was founded in 1935 by Frank Jessop, and grew under his son’s stewardship as photography became popular throughout the 20th century. It was sold to Bridgepoint Capital in 1996, and then to ABN Amro in 2002. It was then purchased by HSBC in 2009, where around 80 of its then-300 shops were closed.

« Back to articles