Future of Jessops store in Yeovil under threat?

THE future of a long-standing photography shop in Yeovil is under threat after the Jessop Group Ltd fell into administration - the first major high street chain to fall into problems this year.

Edward Williams, Rob Hunt and Matthew Hammond of PwC were appointed joint administrators of the Jessop Group Ltd today.

The Yeovil store in Lower Middle Street is one of nearly 200 around the country which employs about 2,000 employees.

Turnover in the year to December 31, 2012, was £236m but business has declined and the forecasts indicate that that is likely to continue in the months ahead.

Joint administrator, Rob Hunt, said: “Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint
administrators and we were appointed earlier today.

“Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures.”

Jessops is now not in a position to honour customer vouchers or to accept returned goods.

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