Digital Photography Now -  
21st August 2012
Jacobs residual assets up for auction

Jacobs Photo Stores In The Frame

Nottingham, 21st August 2012 – The assets of Cecil Jacobs Ltd. have been put up for sale after the firm went into administration earlier this year.

More than half a million pounds of the firm’s assets will be made available to buyers by Jones Lang LaSalle on behalf of joint administrators Edward Kerr and James Stewart-Koster of PKF LLP.

Over 2,000 lots will be offered to bidders during a five day online auction which will begin on the 28 August.

Approximately 400 lots of both branded and non-branded assets will be made available each day, with the auction already attracting significant international interest.

Items of note include a Leica M9 camera which retails at more than £5,000, in addition to hundreds of thousands of pounds worth of SLR and digital cameras and lenses from retailers such as Sony, Panasonic, Leica and Sigma.

The Leicester based camera specialists - who at one point were the largest independent camera retailer in the UK - struggled during the economic downturn with their demise accelerated by a rise in the market for quality camera phones and a surge in online competition.

After diminishing sales the firm finally went into administration on the 1 June, resulting in 158 job losses.

The family-run business, founded in 1939, had operated 19 UK stores under the Jacobs brand, including branches in London, Leicester, Nottingham, Manchester, Glasgow, Edinburgh and Birmingham.

Mike Hanson, director of machinery and business assets at Jones Lang LaSalle’s Nottingham office, says the sale offers an attractive proposition for potential buyers both in terms of the quality and range of assets on offer.

Mr Hanson said: “It’s never good to see an established family-run company go out of business, especially when jobs are lost, but we’re confident of realising a substantial amount from the sale of a wide range of high quality electronic products.

"There were a lot of factors working against the firm and we hope some positives can come from the sale by finding new homes from a vast array of quality goods.

"We’re braced for substantial interest throughout the five day online auction and would expect to sell the vast majority of lots on offer to both domestic and foreign buyers."

Bidding will open at 10am on the 28 August and begin closing at 10:30am on the 4 September.

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