Camera chain boss quashes share-sell rumours
The boss of camera chain Jessops has quashed rumours that HSBC is about to sell its stake in the business.
The comments from Trevor Moore, chief executive of the Braunstone Frith group, follow reports the bank was reviewing its 50 per cent stake.
HSBC bought shares in 2009 as part of a deal to reduce Jessops' debt of £60 million.
"At some point the plan is for them to realise their investment," he said. "But there are no immediate plans."
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Mr Moore said the group planned to open stores in new locations, despite a number of shop closures in recent weeks.
Mr Moore also expressed sadness that Leicestershire-based rival Cecil Jacobs, the UK's biggest independent camera chain, was set to disappear from the high street after more than 70 years. Administrators last month closed 11 of the remaining 12 stores with the loss of 87 jobs, after being unable to find a buyer.
"I'm genuinely sad to see a competitor disappear," said Mr Moore. "It's certainly not a good thing and competition is good for the industry."
Jessops was founded in Leicester in 1935, while Jacobs was set up four years later.