Administrators have had to close all but one of the 19 stores in Cecil Jacob’s property portfolio following its collapse
PKF ADMINISTRATORS have made 87 staff redundant and closed all but one store at collapsed camera retailer Cecil Jacobs.
Eddie Kerr and Jim Stewart-Koster from PKF were appointed joint administrators to the UK’s largest independent camera retailer on 1 June.
The latest news brings the total number of redundancies at Jacobs to about 133. The Leicester branch is the only store to remain open out of the 19 in the company’s portfolio, prior to its collapse.
The administrators will retain 25 staff to work in the head office and the Leicester store.
Kerr (pictured), a partner at PKF, said: “This is a terribly sad situation to see a long-established family run business close down. Unfortunately this is an increasingly frequent situation, particularly in the retail sector, where trading conditions have never been tougher.
“We had hoped to sell on some of the stores, but unfortunately the market is the same for everyone and is likely to remain this way until the economy starts to show some signs of recovery.”
Cecil Jacobs was established in 1939 and was always a family-owned Leicester-based business.