Page last updated at 12:50 GMT, Thursday, 21 January 2010

Jessops liquidation plan approved

Jessops shop
Jessops will be de-listed on January 22nd

Shareholders in the former camera retailer Jessops have voted to voluntarily wind down the company.

The firm has already sold its 213 shops to private group Snap Equity and they will not be affected by this decision.

Jessops shareholders will receive 9.7p for every 100 shares they own. KPMG has been appointed as the liquidator.

The firm was forced to restructure in September last year as debts rose and it faced increasing competition from supermarkets and internet retailers.

Jessops plc will be delisted from the stock exchange on 22nd January. Shares have already been suspended.

Snap Equity now owns Jessops Group, which contains all the company's assets including its shops and stock.

It is the firm's old parent company, Jessops plc, which is now set to be wound up.

New owners

Jessops' biggest creditor, HSBC, owns 47% of the new company, with 33% owned by the pension trustees and 20% by an employee trust.

HSBC has given the new company a £54m loan to pay the debts of the old Jessops, but is waiving £34m of this in return for its stake. This leaves the new firm with debts of £20m.

Jessops has said the restructuring will secure about 2,000 jobs and the High Street shops will remain.

Frank Jessop founded the company as Jessop of Leicester in 1935 as a specialist photographic retailer. Alan Jessop, Frank's son, sold the firm in 1996.

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