Bank now biggest shareholder after Jessop’s survival deal

Author: By Russell Lynch, Press Association

Struggling Jessops is laden with debt and said its only alternative was
insolvency because suppliers were unwilling to support it in the run-up to
the key Christmas trading period.

The Leicester-based firm, which has more than 200 stores, is selling its
assets to a new company 47 per cent owned by HSBC and 33 per cent owned by
pension trustees, with the remaining 20 per cent held by an employee trust.

Just £100,000 will be left to split between shareholders in the old business,
Jessops said.

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