I so hope this isn't one of those shops which opens for the holidays and closes again a month later:
Dragon Peter Jones is going to breathe new life into Jessops. He has appointed himself CEO and chairman and reckons to have a turnover of £200m in three to five years.
The Daily Telegraph reported:
"The store opening programme will lead to the creation of some 500 jobs, half of whom will be previous Jessops employees who lost their jobs when the retailer’s 192 shops closed in January. The closure led to 2,000 job losses.
Mr Jones said that the new Jessops is a business which should be able to deliver £80m of revenue in the first year, but that he hopes it will be making £200m of sales within three to five years."
When I worked for Jessops in the 1990s it was a good company employing some very knowledgeable staff.Jessops the same when I returned in 2003 and when I left in 2007. Then the management renegotiated everyone's contract from assistant manager down and lost lots of good people.
I continued to use them for printing and processing until the end.
Sadly the stock market floatation was a fiasco - remember it was not just ordinary customers who got burnt. The shares opened at £1.50 and finished up worthless.
Effectively the company went bust twice!
How is Peter Jones going to generate £200m in sales and what will be his margin on that figure...........?