Wall of silence greets Jessops sale talk
May 24, 2012
Last month, the Independent newspaper reported that HSBC – which owns the majority of Jessops shares – approached US-based financial restructuring adviser Zolfo Cooper to discuss ‘financial planning and strategy’.
The magazine Retail Week carried a similar report.
‘The bank… is also understood to have gauged the interest of advisers in running a potential sale of the retailer,’ stated the Independent article.
Asked to comment on the claims, a spokesperson for Zolfo Cooper told AP: ‘We do not feel it is appropriate for us to comment on the situation.’
Jessops CEO Trevor Moore declined an interview request when approached by AP.
HSBC also declined to comment.
Speaking to AP in February, Moore said: ‘Our turnaround and recovery is progressing very well… In the past two months we’ve probably enjoyed the highest market share we’ve seen in recent years…’
Moore said Jessops planned to expand its line of own-label products in a bid to improve its profit margin and offer better value to customers.
Earlier this week, Jessops dismissed as ‘rumour and speculation’ a report that Canon has invested £10m in the high-street chain.