jessops maybe going into liquidation

gotamintvtr

gotamintvtr

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not sure if anyone already knows about this or even cares.

but if this goes ahead and its anything like millets was then there could be some big sales. millets were offering 50% offs just before they finaly shut. it will be decided in january wether they are going to take voluntary or not.

could be worth some people keeping an eye out
 
Would not suprise me after the conversations I have had on the phone with them today:bang::bang::bang::bang::bang:

Bloomin useless
 
Not heard about this?! Where did you get this info? Or is it that rumour mill starting up again?
 
Nope it was a stock exchange announcement today, its true:

JESSOPS PLC

Notice of Extraordinary General Meeting

to consider proposed members' voluntary liquidation

Following the announcement on 29 September 2009 of the completion of the solvent restructuring of the Jessops group of companies, Jessops plc (the "Company") announces that a circular convening an Extraordinary General Meeting of the Company to be held at 10.00 a.m. on 21 January 2010 at the offices of Ashurst LLP in Broadwalk House, 5 Appold Street, London EC2A 2HA has today been sent to shareholders of the Company (the "Shareholders").

The Extraordinary General Meeting of the Company is being convened to obtain Shareholders' approval for the board's proposal that the Company be put into a members' voluntary liquidation.

The shares in the Company (the "Shares") will be suspended from trading on the Official List of the UK Listing Authority at 7.30 a.m. on 20 January 2010 in advance of the Extraordinary General Meeting. It is intended that if the resolutions put before the Extraordinary General Meeting are passed by the requisite majorities, the Shares will be cancelled from the Official List of the UK Listing Authority with effect from 8.00 a.m. on 22 January 2010.

A form of proxy to be used in connection with the Extraordinary General Meeting will be attached to the circular.

Copies of the circular have been submitted to the Document Viewing Facility of the UK Listing Authority at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (telephone 0207 066 1000). The notice is also available on the Company's website www.jessops.com.

Ends -
 
the evidence is there.

if the members vote no to voluntary liquidation then the board will take it to court. the members i beleive will be better off if its goes voluntary
 
gotamintvtr said:
the evidence is there.

if the members vote no to voluntary liquidation then the board will take it to court. the members i beleive will be better off if its goes voluntary
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Yes - looks they are going into liquidation either way. If the shareholders do not agree to voluntary, then the directors will ask the courts to wind the company up - either way, Jessops will be no more.
 
*holds off buying battery grip, another flash, another tripod and some extension tubes*
 
yep. just keep eyes out for sales i think.

i dont think jessops purchase alot of their stock so might be able to send some of it back. plus alot of good stuff is speacial order
 
Don't get too excited, Jessops plc no longer own Jessops Group Ltd, that was passed to Snap Equity Limited.

So, this is just an exercise to wind up the PLC delist. The trading company will continue to be privately held.
 
mmmm come to think of it was in Jessops in Guernsey the other day and noticed that alot of the displays where getting empty.:eek:
Might just be the xmas rush but then again on hearing this news who knows.:shrug:

Nice of them to announce this just as everyone has bought their xmas pressies already:bonk:
 
Millets did not go into administration, they shut their Blacks shops down

Rubbish sale and all the good stuff got moved to the parent company shops
 
grumpybadger said:
Don't get too excited, Jessops plc no longer own Jessops Group Ltd, that was passed to Snap Equity Limited.

So, this is just an exercise to wind up the PLC delist. The trading company will continue to be privately held.
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didnt realise that the shop was owned by another group. so you think the shop will still exist then?
 
Shops were already moved to another company (owned by the people who own Jessops debt) as part of a solvent restructuring. Therefore, Jessops PLC basically owns nothing.

Whether the shops will exist long term is an issue for current management but this particular process will have no impact on them.
 
gotamintvtr said:
not sure if anyone already knows about this or even cares.

but if this goes ahead and its anything like millets was then there could be some big sales. millets were offering 50% offs just before they finaly shut. it will be decided in january wether they are going to take voluntary or not.

could be worth some people keeping an eye out
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Unlikely, as Jessops don't actually have anything to do a fire sale with.

They're more comparible to Borders in that respect. Anyone who went into a Borders store hoping (like me) to pick up fantastic bargains will have been sorely disappointed, as all the good stuff had strangely vanished, leaving nothing but dog-eared ex-display books and huge piles of Duncan Bannatyne's autobiography. The reason for this was simple Borders didn't own much of their stock, it was mainly SOR (sale or return) and the publishers had been there first reclaiming all their merchandise.

The same basic situation exists at Jessops - the first whiff of the business going under and big vans with Canon and Nikon on the sides will start turning up outside the branches and carting away all the good stuff.
 
tijuana taxi said:
Millets did not go into administration, they shut their Blacks shops down

Rubbish sale and all the good stuff got moved to the parent company shops
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thats wrong because my mum worked for millets and got made redundant. they closed 89 stores in all and kept blacks running. they also closed oneils.

they may of closed a couple of black. and most of the millets stock was sold in the millets sale. only select things were moved to blacks from millets.
 
Flash In The Pan said:
Unlikely, as Jessops don't actually have anything to do a fire sale with.

They're more comparible to Borders in that respect. Anyone who went into a Borders store hoping (like me) to pick up fantastic bargains will have been sorely disappointed, as all the good stuff had strangely vanished, leaving dog-eared ex-display books and huge piles of Duncan Bannatyne's autobiography. The reason for this was simple Borders didn't own much of their stock, it was mainly SOR (sale or return) and the publishers had been there first reclaiming all their merchandise.

The same basic situation exists at Jessops - the first whiff of the business going under and big vans with Canon and Nikon on the sides will start turning up outside the branches and carting away all the good stuff.
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i did mention that abit further down the thread
 
grumpybadger said:
Shops were already moved to another company (owned by the people who own Jessops debt) as part of a solvent restructuring. Therefore, Jessops PLC basically owns nothing.

Whether the shops will exist long term is an issue for current management but this particular process will have no impact on them.
Click to expand...


IIRC Snap Equity are a joint enterprise between HSBC and the Jessops Pension fund (?), who took the shops etc in lieu of the £35 million debt they were owed. It makes no difference anyway, as I said the company own nothing anyway, except a big debt.
 
Flash In The Pan said:
IIRC Snap Equity are a joint enterprise between HSBC and the Jessops Pension fund (?), who took the shops etc in lieu of the £35 million debt they were owed
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Can't remember who owns it but HSBC were the primary creditor so it would make sense. Outcome is the name. This news makes no difference to the trading of the Jessops retail business.
 
fair enough then. so it is useless info but not actualy wrong information lol
 
It's not useless if you are a Jessops PLC shareholder, just a bitter but expected Christmas present!

For customers, it should have no impact and I, for one, hope Jessops stay on the high street.
 
jessops online was good for me
and i picked the item up at the local branch
they text'd me when it was ready for collection

could be they will have to go that way to keep the flag flying

at the end of the day ...i browse the shop but never bought a sausage from a branch..or a pickle either thank goodness
 
thats wrong because my mum worked for millets and got made redundant. they closed 89 stores in all and kept blacks running. they also closed oneils.

they may of closed a couple of black. and most of the millets stock was sold in the millets sale. only select things were moved to blacks from millets.
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Sorry, got that the wrong way round. Blacks is the parent company, but Millets are still trading and so are Blacks, think they may have put O'neils into administration though

The sale was like all the others mentioned above and just the old tat they couldn't move elsewhere

Last good closing down sale I went to was the YHA shops, got some good stuff there at daft prices
 
tijuana taxi said:
Sorry, got that the wrong way round. Blacks is the parent company, but Millets are still trading and so are Blacks, think they may have put O'neils into administration though

The sale was like all the others mentioned above and just the old tat they couldn't move elsewhere

Last good closing down sale I went to was the YHA shops, got some good stuff there at daft prices
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i bought loads of behaus coats for 9.99 mens and womens were meant to be 90 pounds. the only things that were shipped elsewhere where the north face tri climate coats because they were 180pounds each.

everything else went in the sale. i also bought a 400pounds tent for 75pounds some chairs ect. it may appeard that they sent it all to other stores but they let all their stocks just run low at the end of the summer.

they wernt meant to go on trading as millets but towards the end kept a few stores open and also trade online still
 
A manager friend at Jessops just said this

He said along the lines of:

Because we were bought out by HSBC, they have to go into liquidation to pay out on the shares cos we will be de-listed by 2010 from the stock market, so the company has to do this to legitimately go forward as a non plc concern.

Or something like that.
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Flash In The Pan said:
They're more comparible to Borders in that respect. Anyone who went into a Borders store hoping (like me) to pick up fantastic bargains will have been sorely disappointed, as all the good stuff had strangely vanished,
Click to expand...

Huh? There was Borders store on my way home from the office and I've been calling in a couple of times a week since the sale started. The most desireable books would certainly have gone very quickly but I've had plenty of bargains, mostly cookery books and poetry at 50% or 60% off, and fiction at various prices from 20% to 90% off, the discounts becoming progressively more generous as the weeks passed.

Apart from anything else, it's unlikely the publishers would have wanted vast amounts of stock returned to the warehouse a few weeks before Christmas.
 
My local store has been empty of 7D's in it's display, no posters advertising it either which seemed a bit strange. Have Canon not been too keen on supplying if it's owed money. Might do the vulture impression if there is anything on the carcass worth grabbing :D
 
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