A winding-up petition filed against digital camera chain Jessops over unpaid taxes has been withdrawn.
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 the chain’s operations.
However, the order on Jessops has since been removed.
A spokesperson for FRP, who was appointed in 2021 to restructure the retailer, said that Jessops had at no point breached the payment terms of its CVA and, following conversations with HMRC, the business understands the petition will be withdrawn.
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The notice was first reported in The Times after accounts revealed Jessops had racked up losses of £1.2m in the year to 1 October 2023 as sales dropped 7.5% to £19.97m.
Jessops was founded in 1935 and was sold to Bridgepoint Capital in 1996. It attempted to float twice before selling up to Dutch Bank ABN Amro for £116m in 2002.
Amro floated the company in 2004 but struggled when the financial crisis hit, which led to its backer HSBC taking Jessops private in a debt-for-equity deal in 2009 that saw the closure of 80 out of 300 shops closed.
It went into administration in 2013 and was acquired by Dragon Den investor Peter Jones’ firm PJ Investment Group, who has helped to build up the retailer’s online sales.
However, Jessops has struggled on the high street due to rising costs and a weakening demand for professional photography amid the rise of smartphones.
The retailer currently has six stores across the UK, including one on London’s Oxford Street.
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