Digital Camera Chain Jessops Escapes Closure Amid Tax Issues

  • Winding-up petition against Jessops withdrawn
  • Jessops received a petition from HM Revenue & Customs
  • Sales dropped by 7.5% in the year to October 2023
  • Losses amounted to £1.2m during that period
  • Founded in 1935, sold to Bridgepoint Capital in 1996
  • Acquired by Peter Jones’ PJ Investment Group in 2013
  • Currently has six stores across the UK

A winding-up petition filed against digital camera retailer Jessops has been withdrawn after the company faced financial difficulties. The retailer, which has collapsed into administration three times in four years, received a petition from HM Revenue & Customs asking the court to shut down its operations. However, the order on Jessops has since been removed. The retailer, founded in 1935 and sold to Bridgepoint Capital in 1996, has faced numerous challenges over the years, including multiple ownership changes and a shift towards online sales. Despite these setbacks, Jessops currently operates six stores across the UK.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Jessops’ financial situation and history, including details about its administration, tax issues, and efforts to restructure the business. However, it contains a tangential reference to Nike at the end which is not directly related to the main topic.
Noise Level: 3
Noise Justification: The article provides relevant information about Jessops’ financial situation and its history of administration, but it also includes an unrelated mention of Nike at the end which could be considered noise.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this event are related to the retail and photography industries.
Financial Rating Justification: This article discusses a winding-up petition filed against digital camera chain Jessops due to unpaid taxes, which impacts the company’s operations and financial situation. It also mentions the history of the company’s ownership changes and struggles in the high street and online sales. This is relevant to financial topics as it involves a company facing financial difficulties and negotiations with HM Revenue & Customs.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:

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