Jessops owed double amount feared before collapse

Jessops’ unsecured creditors, who include customers and suppliers, were owed around £115m – more than twice the amount feared when the chain collapsed under former owners a year ago, it has emerged.

Jessops New oxford street Feb 2013

The total value of unsecured creditor claims has risen to £114.8m - 135% higher than originally estimated, according to a new report by administrator PricewaterhouseCoopers (PwC).

PwC had estimated the figure to be less than £50m when the chain collapsed in January 2013, closing its 187 stores and shedding 1,500 staff.

The administrator says unsecured creditors are not likely to receive more than 0.2% of what they were owed.

Jessops bank, HSBC, is expected to receive just £2.67m of almost £30m outstanding.

The report, published earlier this month by Companies House, also reveals that PwC has racked up fees exceeding £2.5m since it was appointed administrator.

Jessops has since been taken over by entrepreneur Peter Jones who has so far reopened 28 shops.

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