Jessops plc liquidation gets green light

Jessops shareholders have today voted for the company to be voluntarily wound up, meaning that it will be de-listed from the London Stock Exchange tomorrow at 8am.

A statement released by Jessops this afternoon confirmed that the voluntary liquidation will go ahead after shareholders voted for the move at an Extraordinary General Meeting.

In September, Jessops’ main operating company was sold to a new firm called Snap Equity Ltd, 47% of which is owned by HSBC bank.

Trading in Jessops shares were suspended at 7.30am on 20 January.

Last week Jessops moved to reassure customers that the voluntary liquidation was a formality and would not affect high street shops.

The financial restructure aimed to save 2,000 jobs.

It also meant that HSBC forgave £34m of the £57m debt owed by Jessops.

As part of the restructuring deal, Jessops had said that £100,000 will be made available for distribution to Jessops shareholders.

Jessops floated on the stock market in 2004 and continued on an expansion path that increased its store portfolio to more than 300 before it was forced to close many branches and shed staff.