Jessops chief nets £500,000 bonus

Jessops executive chairman David Adams received the payment following the successful refinancing of the retailer, according to its annual report posted on its web site yesterday.

Shares in Jessops have slumped by more than 90 per cent over the past year after a number of profit warnings and fears over the size of its debt.

Adams’ bonus was originally structured to be 70 per cent in shares and the rest in cash, but the remuneration package was later “restructured” to be 50 per cent in shares and cash.
According to the report, the group incurred a net loss of£63.5 million for the year to September 30. At that time, the group had borrowings of£50.7 million to support its working capital and medium-term funding requirements.

Jessops added: “The group’s ability to continue as a going concern is dependent on continuing to operate within its available facilities and covenants, which is dependent on the group generating cash inflows in line with projections.”

Yesterday, Jessops’s shares closed at 7.68p, up 0.12p.