Jessops, the camera retailer owned by Dragon’s Den star Peter Jones, failed to claw its way out of the red as its sales continued to slump despite a drive to target younger customers.
The Leicester-headquartered company, which has called in administrators three times since October 2019, saw its turnover dip to just under £20m in the 12 months ended October 1, 2023, down from £21.5m in the year before, according to accounts that have just been filed with Companies House.
As a result the company recorded a pre-tax loss of £1.20m – down slightly from a pre-tax loss of £1.22m in the previous 12 months.
But despite its ailing finances Jessops said the year had been a “transformational period” for the company, as it turned its attention to engaging with younger content creators via its “omni-channel approach”.
In a statement published to Companies House the company said: “This year has been a transformative period as the group continues to grow its comprehensive product range and invest in the provisions of market leading customer services and expert advice that delivers significant value, attracting both new and returning customers.
“During the year the group streamlined its omni-channel approach, which is now easily accessible to a younger demographic, enabling the business to engage with content creators at an early stage in their imaging journey.
“The group’s strong heritage, trust and awareness of the Jessops brands and reputation for quality continues to be the driving force behind our customer loyalty and highly regarded position in the imaging sector.
“We continue to drive the business forward and have many opportunities on the horizon that will grow the business further.”
Why did Jessops enter administration?
Peter Jones’ PJ Investment Group bought Jessops in 2013 after the company fell into administration.
That same year, Jones hired advisors to help restructure the business.
Six years later the businessman announced that he was looking to close stores due to financial concerns and rent prices. In total, Jessops closed 63 per cent of their stores, a total of 46 store closures.
In 2020 it was reported that Jessops had furloughed 400 workers.
A year later, in March 2021, Jessops announced that they had filed for administration following losses caused by lockdown.
A company spokesman said at the time: “We have filed a notice of intention to appoint administrators with a view to consider a CVA process in order to protect the business for our staff, our partners and creditors as we look to carve out a new strategy that will enable the business to continue to compete.”
At the time, Geoff Rowley, partner at FRP, added: “We are working closely with PJ Investment Group and the wider Jessops management team to consider all options to secure a future for the retailer.”
However, despite its troubled recent history, the company continues to trade out of a total of 12 UK stores.