Jessops pictures future growth
Fri, 10th October 2014

Jessops pictures future growth

By Edward Devlin, Senior Digital Staff Writer

Photography chain Jessops has revealed healthy profits and sales in its first full financial year since being bought out of administration by Peter Jones of Dragons' Den fame.

The company was headquartered in Leicester when it collapsed in 2013 with the closure of all 187 stores.

Jones and restructuring specialist Hilco paid more than £1m for the brand and website of the failed photography retailer in February 2013 following PwC's appointment as administrator.

Jessops has revealed an operating profit of £280,000 on the back of sales of more than £56m. It had a turnover in the year to 31 December 2012 of £236m but had seen a major decline in its core marketplace.

Building on its current 28 store estate, Jessops said it would be opening a further six shops over the coming weeks to take its estate to 34. It comes off the back of an agreement with Sainsbury's to launch a store-within-a-store concept.

The new stores will be opened in Reading, Milton Keynes, Tunbridge Wells, Canterbury, Hull and Kingston.

Chairman Peter Jones said: "This is a great result and I'm excited that we've been able to restore an iconic British high street brand.

"With the right formula and strategy, the high street is full of potential for growth and job creation: our new stores will create over 100 new jobs before Christmas.

"Our strategy for success is a multi-channel strategy, within which the high street plays a key role. It is all about giving shoppers choice on how to buy. "

Jessops was founded in Leicester in 1935 by Frank Jessop.

PIC: Peter Jones with James Cordon

category Midlands  |  source Insider Media