Camera specialist Jessops’ largest shareholder HSBC has been in talks with advisers about a possible sale of the retailer by the summer, it is understood.
Jessops conducted a debt for equity swap with HSBC in 2009, saving it from administration. HSBC is the retailer’s largest shareholder with more than a 50% stake.
Sources told Retail Week HSBC has been in disussions with advisors including Zolfo Cooper about a potential sale of Jessops in the coming months. However, it is not known if any advisors have been formally hired, or what other options HSBC is considering beyond a sale.
Jessops has struggled over recent years due to evolution in digital camera technology and fierce competition online.
It posted a pre-tax loss of £12m for the year to January 2, delivering turnover of £304.6m. Like-for-lilke sales rose 5.1% and online sales soared 94%.
Jessops could not be reached. Zolfo declined to comment.
No comments yet