Author: By James Thompson
Jessops confirmed the appointment of Trevor Moore, a former operations
director at Coffee Republic, who will assume responsibility for its store
operations from September. It is understood that Mr Moore will not sit on
the main board of Jessops.
Mr Moore?s has also done stints at Thresher Group, Whitbread, Phones 4U, HSBC
and most recently SelectProperty. Yesterday, Jessops, which has net debts of
£61.7m, said it expects to post a pre-tax loss this financial year. Jessops
is poised to complete a rescue deal with its bank HSBC within weeks.
The retailer has been in talks with HSBC, which holds warrants over 15 per
cent of its shares, since January and one of the options being considered is
a debt-for-equity swap.
The retailer yesterday said: “The group continues to engage with its
advisers and its bankers HSBC Bank to put the business on a more stable
footing for the future, including discussions on a fundamental restructuring
of its debt.” Jessops also reaffirmed previous comments that
shareholders are likely to be wiped out because of its high debt.
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