Jessops owed Canon and Nikon around u00a320 million when it collapsed last month, with assets of just u00a33.4 million available to preferential creditors, it has emerged.

Amateur Photographer (AP) can reveal the full scale of Jessops’ financial troubles and the amount Jessops owed its key suppliers.

In total Jessops owed around £80m, including £42.6m to listed creditors.

Customers who had made deposits and not yet received goods, who
returned goods and not received repayment – or who were due compensation –
were owed £201,000.

Unredeemed customer gift cards totalled £869,000 and Jessops owed the taxman more than £1.3m.

The woeful figures are contained in records filed at Companies House,
which have been seen by AP following a report published by This is Leicestershire earlier today.

The Notice of statement of affairs, submitted to Companies House by Jessops’ administrators PwC, states that just £407,000 is available to unsecured creditors.

Canon (UK) Ltd was owed more than £16.4m and Nikon (UK) Ltd over £3.3m when administrators were called in on 9 January.

Major suppliers, including Canon and Nikon, had retention of title
over unsold stock held by Jessops when it closed, meaning this should be
returned to them as legal owners.

In Nikon’s case, it seems most of the amount owed was held on a retention of title basis, according to the Companies House report.

Records show that Canon’s security with Jessops, in terms of stock supplied, was £9.3m of the £16.4m it was owed.

Jessops owed Panasonic Marketing Europe nearly £4m; Sony UK Ltd around £3.2m; and Fujifilm (UK) Ltd about £2.6m.

Jessops’ debt with Samsung amounted to £1.2m.

The collapsed chain owed its bank, HSBC, £28.7m and staff around £1.4m in wages.

Staff are treated as preferential creditors when a company falls into administration.

Customers who had signed up for Jessops Academy Courses, but not yet attended when the retailer shut its doors, were owed a total of £183,000.

Spokespeople for Canon and Nikon said they will not comment on financial information.

  • weight loss

    Jessops: Scale of financial horror revealed (update 5pm) | Amateur Photographer
    weight loss http://homegrownalternatives.com/index.php/member/47989

  • Shyamal Sinha

    This is the shape of things to come.The market of compact ,changeable lense compact and DSLR are all going to be the same. Mobile phones with sofisticated Camera modes are the things of the future.ClICK and instant SEND needing no computer will capture the future market. Camera Cos. BEWARE.Invest in 4G smart Phone,high res. large display,20MB camera with 15x Zoom, IS and low light ability will be the market demand.Sumsung is on the right line which other Camera Cos will be forced to follow to capture the youthful market segment.

  • Nigel

    This was all predicted years ago by AP forum members. The rush to ditch film cameras and second-hand sales in favour of ‘dumbing down’ for digital was clearly financial suicide, and was predicted as such at the time. Why did Jessop’s management think they knew so much better?

  • James of Birdseyeviewphotos

    I have never got even reasonable service at both Bedford or Cambridge stores, on one occasion asking for a cable release for a Nikon F80 I was handed aa electronic one ? have worked in retail during the 60′s at Wallace Heaton in the Strand I thought I would ask how it worked the assistant could not show me and got another staff member when neither knew one went to get the manager….Who said this is for a Canon 50E….

  • Derp

    Oh dear.

  • Alex

    Retention of title is all very well but much of that stock will have been sold to customers, (probably at below cost in a desperate attempt to raise cash.)

  • Mr Wilson

    Given the huge losses racked up, the financial controllers must have known the company was likely to be wound up & yet they continued to sell gift vouchers makes a good case of fraud charges brought against them