PKF administrators make 87 redundancies at Cecil Jacobs

PKF administrators make 87 redundancies at Cecil Jacobs

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.

Related Articles

Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

4m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

5m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

5m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

5m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

7m Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

1y Emma Smith, Managing Editor