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Canon may invest up to £10 million in Jessops

Camera giant Canon is understood to be on the brink of investing in Jessops to help prop up the struggling camera retailer.

GENERAL MERCHANDISE

Canon may invest up to £10 million in Jessops

The Japanese camera company is expected to plough up to £10 million into the high street chain which operates more than 200 stores across the UK.

Last year Jessops reported a pre-tax loss £12 million for the year to 2 January 2011 on sales of £304 million. However like-for-like sales rose 5.1% and online growth was 94%.

Jessops came close to collapse in 2009 but was rescued by its main lender HSBC in a debt-for equity swap which saw the bank take a 50% stake in the business.

Since its rescue by HSBC, Jessops has invested in refurbishing its stores and developing its online presence in attempt to boost sales.

Canon said it was prepared to help the chain as its stores provided a place where shoppers could test camera products before buying them. 

In April it emerged that HSBC had held talks with advisers Zolfo Cooper  to explore options for the camera chain.

 

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