Mon, 11 Jun 2012 | ADMINISTRATION
Administrators from PKF are looking to sell retail camera specialist Cecil Jacobs Ltd after it was placed into administration recently.
Seven of its 19 shops have been shut down by the administrators, leaving 46 staff newly unemployed. These closed stores are located in Hull, Birmingham, Chelsea, Derby, Kingston-upon-Thames, Sheffield and Liverpool.
The move to shut down the stores was to facilitate finding a new owner said Eddie Kerr of PKF.
“We have taken the difficult decision to close a number of Jacobs stores and make redundancies across the business.”
He continued, “These measures are painful for everyone involved but they are essential if we are to have a reasonable prospect of finding a buyer for the business as a going concern, although we recognise that there are likely to be more challenges ahead.”
The family-run firm was founded in 1939 in Leicester, four years after Jessops started out, and is the largest independent camera retailer in Britain.
It sells a large range of digital SLRs, digital cameras, photographic equipment from its shops and website. Its business clients, according to its website, include the Police, picture agencies, the press, government departments and schools.
Cecil Jacobs last recorded revenues of £28.24 million for the year ending 31 January 2011, with profits of £109,000 after tax.
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