Jessops Set To Go 'Into Administration'

Photography retailer Jessops is on the verge of calling in administrators, according to Sky sources.

Sky sources have confirmed that an application for administration was filed this morning at the High Court.

Confirmation of the firm entering administration is expected in the next few hours, putting the jobs of around 2,000 staff at risk.

The demise of the decades-old chain would be the first high street casualty of 2013, and comes soon after consumer electricals chain Comet hit the wall, sparking more than 6,000 job losses.

Retail Week said administrators from PricewaterhouseCoopers were expected to be appointed after the firm suffered ongoing funding problems.

Jessops has struggled amid the digital photo revolution and the retail shift to online trading and camera phones.

The company's website was still operational on Wednesday afternoon

It underwent a major overhaul in 2007 and a swathe of store closures, but came close to collapse two years later before being rescued by its main lender HSBC in a controversial debt-for-equity swap that saw it taken off the stock market.

The bank took a 50% stake in the business in return for writing off £34m of loans.

There was speculation last year that suppliers such as Canon were considering injecting cash into Jessops to help prop the business up, but no deal materialised.

Last year it also lost two key executives, chairman David Adams and chief executive Trevor Moore - who joined HMV.

Martyn Everett was then appointed as chairman and Neil Old was promoted to lead the business as chief operating officer.

The firm began life in 1935 when Frank Jessop opened his first shop in Leicester.

PwC declined to comment and Jessops was not immediately available for comment when approached by Sky News.

The company's website was still active on Wednesday afternoon and its helplines were still in operation.

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