Jessops reportedly planning to call in administrators

The leasehold property manager of camera chain Jessops is reportedly preparing to call in administrators.

According to Sky News, JR Prop Limited has filed a notice of intention to appoint restructuring advisory firm Resolve as administrator.

Sky cited sources as saying that Jessops owner and Dragons Den star Peter Jones had decided that placing JR Prop into insolvency would be the most effective way to streamline operations and ensure their survival.

It was understood that if the administration is confirmed, Jones will seek to agree a company voluntary agreement with creditors that would lead to rent reductions and store closures.

Jessops has 46 shops and employs around 500 people. Peter Jones bought the chain from administrators back in 2013 but losses at the business have grown since then.

Difficult high street trading conditions have already seen the likes of Maplin, Toys R US, Poundworld and LK Bennett go bust. Last week, Pizza Express put out a statement insisting that 95% of its UK and Ireland restaurants are profitable and that there are no plans for closures following reports that the pizza chain was going under.