Wed, 22 Aug 2012 | ADMINISTRATION
Cameras stock from failed photographic retailer Cecil Jacobs is being auctioned off to help pay the company's debts.
The business went into administration earlier this year after a drop in trade saw its profits fall. The 73-year-old business closed its 19 stores and around 150 jobs were lost.
However, now other companies have the chance to benefit from the sell-off of its stock at an online auction. With more than £1 million of debts to pay down, the administrators will be hoping to generate a healthy return on the sale of the equipment, which is valued at around £500,000.
Mike Hanson, auctioneer with Jones Lang LaSalle in Nottingham, told the Leicester Mercury: "It's never good to see an established family-run company go out of business, especially when jobs are lost.
"But we're confident of realising a substantial amount from the sale of a wide range of high-quality electronic products."
He added that there were a number of factors working against the company pushing it into administration but noted that the auctioneers are "braced for substantial interest throughout the five-day online auction and would expect to sell the vast majority of lots on offer, to both domestic and foreign buyers".
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