Jessops’ sales slide amid new loan deal

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A trading update today shows like-for-like sales for the past 51 weeks down 6.4%, though cost cuts mean it is on target to make a profit of about £4.4 million. Jessops has no chief executive and its future is in some doubt.

Today it extended its bank loan arrangements with HSBC until the end of 2011.

Chairman David Adams said the new deal "removes any uncertainty over our funding for the foreseeable future".

HSBC has cut the £7 million it is owed by the end of the year to £5 million, in return for warrants over 5% of the shares.

Jessops' shares, 150p a year ago, are now at 2.56p.