Jessops withdraw a winding-up notice after unpaid taxes

Camera retailer, Jessops, has withdrawn a previous winding-up notice after paying tax arrears. This comes as the 89-year-old company faced continued administration issues over the past four years.

A winding-up petition was originally made by HMRC due to tax problems. Previously, in 2013, Jessops went into administration and was acquired by Dragons’ Den star Peter Jones’ investment company, PJ Investment Group, which landed the camera company another chance at success. The company faced no choice but to appoint administrators after the pandemic began due to facing financial difficulties from the closing of stores throughout the pandemic waves. FRP were hired to consider a Company Voluntary Arrangement (CVA) and a restructuring process for future protections.

Despite the threat of their most recent winding-up application due to unpaid taxes, the application was withdrawn after it was agreed that Jessops had not breached the payment terms of its CVA in the unpaid taxes.