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Is This The End For Jessops

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elowes
elowes  102832 forum posts United Kingdom
18 Jan 2010 - 8:46 PM


Quote: I am big enough and bad enough to let them know that they can stick it and I take my custom elsewhere!!!

Soon run out of shops then!!

Jessops may have been victims of their own success (or greed) but I remember them when they were the discount camera shop with only a few branches, one being in Bristol. It was a great shop with loads going on.

The only photo shop in my town me now is the LCE which is OK but not brilliant. Other than that I will have to travel 40 miles to Bristol.

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18 Jan 2010 - 8:46 PM

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ZenTog
ZenTog  127875 forum posts England1 Constructive Critique Points
18 Jan 2010 - 10:36 PM

was told in basic terms, my 10 grand a year average spend with jessops was of little no great loss to the branch manager, so took my trade to a little shop around the corner, better service and the money stays local!!

With the net sales being so great the writing was on the wall for jessops a ;long time ago

Last Modified By ZenTog at 18 Jan 2010 - 10:37 PM
photostoreuk
19 Jan 2010 - 6:56 AM

jessops are now partly owned by hsbc so should be around for some time to come, its just the old shares that are gone. we have a jessops in smiths in manchester now, for the advanced camera user its rubbish, but for the general public who want to buy a camera for holiday etc they can now go in to smiths buy a travel guide and pick up a camera. to me its a good idea if you think about it `

thewilliam
19 Jan 2010 - 11:27 AM

Now that HSBC effectively own Jessops, I'd expect it to be profitably run. After all HSBC was the only major bank that didn't get into trouble during the credit-crunch.

JJGEE
JJGEE  96319 forum posts England18 Constructive Critique Points
19 Jan 2010 - 11:55 AM


Quote: After all HSBC was the only major bank that didn't get into trouble during the credit-crunch.

I believe Barclays are doing OK and not in trouble.
Are they not a major bank ?

User_Removed
19 Jan 2010 - 1:05 PM


Quote: Hi Steve, It wasn't Jessops I was slating , they are normally as helpful as their knowledge allows.

That really says it all. I remember, way back in the 60s, there was a firm called "Jessops of Leicester" and another called "Wallace Heaton" that kind of hogged the advertising in Amateur Photographer and they both seemed to be staffed by very knowledgeable photographers.

Wallace Heaton (whatever happened to their famous annual "Blue Book"?) was bought by Dixons and Jessops became a chain store.

Just as you would never seek advice about computers in PC World or about televisions in Comet, I think those chain stores all lost their place as repositories of expert knowledge, certainly at the level we used to expect from the independent local camera shop.

And, let's face it, we probably all contributed to the demise of the local specialist independent shop. How many of can say that we never took up their time drawing upon their genuine expertise - and then went and bought the goods at the discount retailers like Comet, PC World or Jessops (or, nowadays, on Ebay)???

Retail patterns are changing rapidly, and we have played our part in the process.

grumbles
grumbles  4
21 Jan 2010 - 4:51 PM

I am guessing you guys in here have no business knowledge at all!
Let me enlighten you.
Last year Jessops did a cash for equity swap with HSBC to wipe thier debt. This is how and what they did:
The firm (Jessops PLC) has already sold its 213 shops to private group Snap Equity (comprised of some of the board) and they will not be affected by this decision.
Jessops shareholders will receive 9.7p for every 100 shares they own. KPMG has been appointed as the liquidator.
Jessops plc will be delisted from the stock exchange on 22nd January. Shares have already been suspended.
Snap Equity now owns Jessops Group, which contains all the company's assets including its shops and stock.
It is the firm's old parent company, Jessops plc, which is now set to be wound up.
The New Owners... Jessops' biggest creditor, HSBC, owns 47% of the new company, with 33% owned by the pension trustees and 20% by an employee trust.
HSBC has given the new company a 54m loan to pay the debts of the old Jessops, but is waiving 34m of this in return for its stake. This leaves the new firm with debts of 20m.
Jessops has said the restructuring will secure about 2,000 jobs and the High Street shops will remain.

So a very smart business move from Jessops has secured its future. As long as they make a profit (which they are now) HSBC will not close them as they have a vested interest to make thier money back.

I do hope this has cleared up the negativity in this chat space.

Jessops deserve to survive as they have a real passion for what they do and a genuine interest in selling the products they sell.

angej
angej  9477 forum posts United Kingdom
21 Jan 2010 - 5:04 PM

Maybe they do have a real passion for what they do but in my experience I find that Jessops really need to up their game if they are planning on making a profit.

For eg: They never have anything of real use and value to the serious photographer in stock, waiting time is at least 2-3 weeks and I find their knowledge very limited. In addition they do seem a tad more expensive than most probably due to their overheads.

keith selmes
21 Jan 2010 - 5:09 PM

I believed all of that until I got to the punch line

Quote: Jessops deserve to survive as they have a real passion for what they do and a genuine interest in selling the products they sell.

It used to be true I think. May be now for some shops and some staff.
Seemed to me the company lost the plot when photography went mainly digital. And lost the enthusiasm of the staff and the interest of the regular customers. Photography and photographers haven't changed so much, but Jessops changed its style completely, and I just stopped going there.

Warriorpoet
21 Jan 2010 - 5:15 PM

Their stock levels are so low I have stopped bothering to look at them when I price match.

I would be surprised if this post singing Jessops praises clears up any negativity, but welcome to the site grumbles, I look forward to your uploads and future contributions on other forum topics

Overread
Overread  63770 forum posts England18 Constructive Critique Points
21 Jan 2010 - 5:25 PM

I have to say whilst they don;t hold stock they are the only place who would price fix whilst they ordered the stock in. It does require that you pay up front whilst they order, but when I was after my 70mm macro during Sigma's 40% price jump Jessopes were the only highstreet shop who would keep the price on the value it was on the day I ordered. All the other shops (who also had to order in that lens) said that if the price went up whilst they were ordering in the lens I would have to pay the increased rate.

Henchard
Henchard  92744 forum posts United Kingdom1 Constructive Critique Points
21 Jan 2010 - 5:37 PM


Quote: Let me enlighten you......

I always love it when a new member who has joined today rushes to tell us all about a business or new product. Carry on.


Quote: So a very smart business move from Jessops has secured its future. As long as they make a profit (which they are now) HSBC will not close them as they have a vested interest to make thier money back.

So basically they've lost a shed load of money and HSBC are trying to get as much back as possible. Meanwhile the company will still have debts of debts of 20m and the lucky Jessops shareholders will receive 9.7p for every 100 shares they own. When Jessops floated on the Stock Market in November, 2004, the company was valued at 160m.

Great work there then. I'd hate to see their unsmart business move if losing those sums in 6 years is smart.


Quote: I do hope this has cleared up the negativity in this chat space.

Not really. A company that can lose that much money in such a short time is going to take some turning round.


Quote: Jessops deserve to survive as they have a real passion for what they do and a genuine interest in selling the products they sell.

Really? I suggest you search the forum threads. One EPZ'r even went to the trouble of writing to the management team 2 years ago. He never got the courtesy of a reply; so much for passion then.

Last Modified By Henchard at 21 Jan 2010 - 5:41 PM
chris.maddock
21 Jan 2010 - 5:47 PM

An even smarter business move would have been to not over expand in the first place, then to carry on being a proper camera retailer rather than a pile 'em high and sell 'em (not so) cheap outfit.

Last time I looked in one of the local branches down here, it wasn't even a shadow of its former self - practically all the display cabinets, racks and counters had disappeared whilst the whole of the front part of the shop was occupied by a DIY print ordering console, neatly parked in the middle of the floor, effectively blocking the view to whatever might have remained at the back of the shop. A crying shame, it used to be an excellent shop, staffed by genuinely interested, helpful and knowledgeable people.

grumbles
grumbles  4
21 Jan 2010 - 6:22 PM

You know we have several million happy customers easch year. You are amongst the few who have a problem. I am sorry to hear that.

Jessops is a consumer level retailer. We have stepped back from professional level as many places such as Calumet have a bigger market that overpowers us in that area. We have many staff who are knowledgable and new training means that we aim to suit a camera to every customers needs. Those staff not conforming to this by giving great customer service will find thier future very difficult and short with Jessops with the new managment. It is a better company for the staff and customers due to the restructuring.

As for the stock levels. You will find that many of the major lines will be replenished with massive stock levels very soon. Although we still have shortages of Panasonics and Samsung cameras of all types due to the Japanese giants requiring credit insurance. This will not be a problem soon.

In response to Jessops needing to up thier game... this is the biggest challenge we face. The obvious one would be to increase prices and therefore increase profit. However, in the past we have employed people who cannot really SELL for toffee. This will change.

grumbles
grumbles  4
21 Jan 2010 - 6:29 PM

Yes, yes, yes. This is all in the past. Chris Langley runined the business when he flaoted us on the stock exchange. This is widley known. He expanded the company without expanding the support centre or buying more stock to sell. The dopey business move then looked like... double the stores but sell the same amount of stock. Looking back we think how the hell was this allowed as you can't possibly make more money doing this.

The future with the new managment is more structured and clear than ever. This company will be turned around. The business move by new directors who came in to remove the debt was a very smart business move indeed you have to admit. Regardless of how Jessops got into the mess in the first place.

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