Jessops reopens stores in UK following collapse

Jessops reopened stores in the UK on Thursday - just two months after the camera chain collapsed.

Jessops reopened stores in the UK on Thursday - just two months after the camera chain collapsed.

Dragons' Den TV star and entrepreneur Peter Jones launched two stores on London's Oxford Street and Birmingham, promising a "change in how we shop".

Four additional stores are opening over the Easter weekend in Manchester, Aberdeen, High Wycombe and St Albans.

Jones acquired the brand when the company went into administration in January with debts of more than £80m, leaving almost 1,500 staff out of work when its 187 stores were closed.

The company was hit by online competition and a boom and camera phones which hit demand for digital cameras.

Jones, a member of a panel of entrepreneurs who evaluate investment proposals on the BBC's Dragons' Den, admits it is a tough time to restart a retailer as disposable income is squeezed in Britain.

Jessops was the first of several chains to fail after Christmas with HMV, Blockbuster and Republic going bust.

Nevertheless, Jones has invested £4.0m in the re-launch of Jessops, which will focus on boosting its online presence to catch up with the growth in internet retailing.

"We've got a real chance of making it a success," he told Sky News.

"The big thing about Jessops is the fact there is not another retailer in the country that has such experienced passionate staff when it comes to camera equipment sales...That makes a big difference."

Jones is the founder of Phones International Group, which he sold a part of in 2011.

RD

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021