Administrators called in to save photo firm Jessops

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THE REDDITCH branch of a photographic company could be at risk after administrators were called in.

PwC took control of The Jessop Group Limited, which has a newly refurbished Jessops shop in the Kingfisher Shopping Centre, on Wednesday (January 9) after the company hit financial problems.

A statement released by administrators said turnover at the 192 stores during 2012 was £236 million but there had been a significant decline in the 'core marketplace' during the year and forecasts for 2013 indicated that was likely to continue.

Additional funding was made available but a lack of custom in the run up to Christmas meant the company had not made enough profit.

Joint administrator Rob Hunt said: "Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.

"Trading in the stores is hoped to continue but it is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."

The store is currently not able to take customer vouchers or accept returned goods.

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