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Senior Member
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Join Date: Sep 2007
Location: east sussex
Posts: 3,484
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Jessops sell out
30 September 2009 10:22
Jessops’ financial status quo has taken a further twist following news that the high street retailer has handed control of the business to HSBC. The debt-for-equity swap, designed to save the business and 2000 jobs, will see shareholders receive just 1p for every ten shares owned.
Jessops’ dire situation is the result of over-ambitious debt-fuelled growth plans, according to chairman David Adams. The ‘growth at any cost’ plan left the retailer owing HSBC £60m. Under the new deal, 47% of Jessops will be sold to a new company owned by HSBC, 33% by the retailer’s pension fund and 20% will pass to an employee benefit trust.
The alternative to this extraordinary deal was, according to Adams, “immediate insolvency and shutdown” but insists that the swap deal “shows we have demonstrated to the bank that Jessops has a valid place in the market”.
Extract from Photo Answers
Bazza
Jessops’ financial status quo has taken a further twist following news that the high street retailer has handed control of the business to HSBC. The debt-for-equity swap, designed to save the business and 2000 jobs, will see shareholders receive just 1p for every ten shares owned.
Jessops’ dire situation is the result of over-ambitious debt-fuelled growth plans, according to chairman David Adams. The ‘growth at any cost’ plan left the retailer owing HSBC £60m. Under the new deal, 47% of Jessops will be sold to a new company owned by HSBC, 33% by the retailer’s pension fund and 20% will pass to an employee benefit trust.
The alternative to this extraordinary deal was, according to Adams, “immediate insolvency and shutdown” but insists that the swap deal “shows we have demonstrated to the bank that Jessops has a valid place in the market”.
Extract from Photo Answers
Bazza
 Senior Member
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Join Date: Apr 2008
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Blimey!
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 Admin Team
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So when does the sale start? 
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