Flash sale: AO snaps up camera seller Jessops from Dragons’ Den star Peter Jones
Summary
AO World has bought the camera retailer Jessops from Peter Jones. AO plans to grow Jessops and expand its range of products using its own resources and online skills.Key Facts
- AO World acquired Jessops, including its seven UK stores, for an undisclosed amount.
- AO paid for the purchase using its own cash reserves.
- The deal fits AO’s plan to offer more types of electronics beyond its usual products like TVs and phones.
- Jessops owns Camera Jungle, a business that buys and sells used digital cameras and accessories.
- AO also owns musicMagpie, which deals in used smartphones and entertainment media.
- Jessops had sales of £19.8 million last year but made a pre-tax loss of £1 million.
- The Jessops brand started in 1935 and has faced financial problems several times in recent years.
- Peter Jones bought Jessops in 2013, running it mainly online and closing many stores before AO's purchase.
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