Wednesday, September 30, 2009

Following an extensive period of negotiations with HSBC, Jessops plc has agreed a solvent restructuring of Jessops Group Limited, its principal trading company, which will “place that business on a sound financial footing for the future”. The restructuring proposal, achieved with the support of HSBC, will enable Jessops to continue with business as usual. Importantly, the restructuring will protect 2,000 jobs directly, as well as others in the supply chain, the company says. Under the restructuring, Jessops main operating company is being sold to a newly formed company, Snap Equity Limited, which will be 47 per cent owned by HSBC. In exchange, HSBC will forgive £34m of debt owed by Jessops plc.

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