Jessops shops on the brink of administration
Camera chain Jessops was on the brink of going into administration this afternoon.
The leading Midland-based firm, which has been in operation since 1935, is understood to have a team of accountants from PwC on hand to take over.
The shock move comes the day after bosses announced it was to close 15 of its branches after a review of the commercial viability of its 180 stores.
And it follows a difficult few years for the business, in which it managed to avoid administration in 2009 by securing a debt for equity swap with its lenders HSBC.
It is likely that the administrators will carry out their own review of the business once they have been appointed, while keeping it running, and then decide on any further closures.
Jessops, based in Leicester, recently opened a new branch in Dudley Street, Wolverhampton, taking over the former Game store in November.
No-one at the company was available to comment on the administration today, but in a statement revealing the closures yesterday the company said: "In early 2013 there are 15 stores that do not meet the required level of viability and so, unfortunately, these stores will close.
"Jessops will work with the colleagues at these stores to ensure that, wherever possible, they are offered roles elsewhere in the company." It has not been revealed which shops will close.
