Home / Business and Economy / AO World Buys Troubled Jessops Camera Chain
AO World Buys Troubled Jessops Camera Chain
24 Sep
Summary
- AO World acquired Jessops, including its remaining seven stores.
- The deal aims to expand AO's offerings beyond electronics.
- Jessops has a history of financial difficulties and administration.
Online electricals retailer AO World has completed the acquisition of the camera business Jessops from Peter Jones. The deal, which includes Jessops' remaining seven stores across the UK, is funded by AO's existing cash reserves. This acquisition is a key step in AO World's strategy to expand into new product categories, moving beyond its well-known white goods, mobile phones, and televisions.
Jessops, founded in 1935, brings a trusted brand and specialized expertise in cameras and optical technology. Its pre-owned camera business, Camera Jungle, complements AO's recent acquisition of musicMagpie, enhancing AO's circular economy initiatives. The company expects Jessops to grow significantly within the next 12 months by utilizing AO's operational scale and web traffic.
Jessops has faced considerable financial challenges over the past two decades, entering administration three times. Peter Jones's PJ Investment Group purchased the chain in 2013, initially operating it online. Despite efforts to reopen stores, the company experienced further administration periods. Last year, Jessops reported revenues of £19.8m with a pre-tax loss of £1m.
