JR Prop Limited (08385059): administration
- Status
- Administration ended
- Administration began
- 2019-12-02
- Administrators
- Cameron Gunn, Ben David Woodthorpe
- Administrators' firm
- ReSolve
- Formerly
- Jessops Retail Limited
- Incorporated
- 2013-02-01
- Location
- Marlow
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
From the administrators' statement
We are advised by JEL that a review of the wider Group’s financial position indicated that a restructuring of JR Prop was identified as necessary to ensure the longevity of the business. The restructuring plan identified that closures of non-profitable stores were necessary, along with revised lease agreements. Accordingly, the view was formed that it was necessary for the Company to enter into an insolvency process after being unable to agree deals with landlords without such a process being implemented.
After the review, the management of the Company, and the wider Jessops’ Group, became of the view that the closure of stores and renegotiation of lease terms would help curtail continuing losses across the retail stores and help guarantee the longevity of the Jessops’ business. The continuation of the business would result in the continued employment of hundreds of staff, and the continued revenue stream of many high street landlords.
In October 2019 the Company engaged ReSolve as Special Accountants for the Company. The role of the special accountants was to investigate the possibility of a restructuring of the Company’s business and assets, and to assist the Company with insolvency advice.
Administrators' statement of proposals (2020-01-31) · Companies House register