Online retailer AO World has finalized the acquisition of Jessops, taking the camera and imaging business away from investor Peter Jones. The transaction was confirmed on Thursday, with AO stating that it purchased the entire company, including its remaining seven UK physical stores, for an undisclosed financial sum.
Funding for the deal will come from AO’s existing cash reserves. The purchase represents a strategic move by the electrical retailer to diversify its inventory beyond the categories for which it is most recognized, such as televisions, mobile phones, and white goods.
Peter Jones, a prominent figure on the television series Dragons’ Den, had previously rescued Jessops from administration in 2013. He was pictured outside one of the chain’s locations on Oxford Street in central London following that earlier rescue effort.
AO indicated that the addition of the Jessops brand aligns with its broader objective to broaden its appeal across a wider spectrum of consumer electronics.
Honestly, I just hope they don’t close the Oxford Street shop. That’s my local and it’s been there forever.
Good luck with that. Camera retailers have been struggling for years. Do they really expect this to turn a profit?
Wait, only seven stores left? I thought Jessops had vanished from every high street years ago.
I still remember when Peter Jones saved Jessops back in 2013. Hope he made a healthy profit this time around.
Finally! AO needed more than just fridges. This is a smart move for their catalog diversity.