The independent photography retail chain, Cecil Jacobs, has fallen into administration with administrators at PKF taking control of the business. The chain has 19 stores and employs 156 staff. Given the difficulties that Jessops have found themselves in where they have had to be helped out by a direct injection of cash by Canon, the photographic market looks like a tough one to be in. Online retailers are the biggest threat to such shops.
To be honest I was surprised when one opened in Kingston upon Thames right next door to Jessops. They did cater for more advanced photographers but they didn't really seem very busy.
Cecil Jacobs is a family run firm and the administrators are looking to sell the business as a going concern.
The last reported accounts showed that the business managed to grow turnover and profit with the business having revenue of £28m and a pre tax profit of £150,000. This is a slim margin but a profit nonetheless. So it looks as if there was not much headroom for the business if there was a fall in turnover. There has not been much information released by the administrators so it is not clear what has precipitated their appointment.