Provision of a combined retail and wholesale restructure solution to aid company turnaround
By the numbers
We were initially invited to analyse the Jessops portfolio and identify underperforming stores for a potential, structured closure programme. Leading UK retailer of photographic equipment and accessories, Jessops, had experienced a downturn that created unprofitable stores and an excess of ageing inventory. We devised a cost-effective and carefully scheduled plan to manage the closure of 39 stores, whilst simultaneously checking old stock lines. £16 million of excess inventory was located and a disposal plan implemented via store closures and wholesale routes. This programme allowed us to clear £5.5 million of stock by purchasing it, at a significant percentage of cost, through the wholesale channel. The remaining balance of stock was cleared through the stores. We managed the wholesale logistics process with flexibility, sorting the stock at our premises and introducing a new wholesale client base to Jessops for future use. Our finance and operations teams were deployed on the ground to manage product discounts by department and store categories, to ensure the highest possible return from the stock. This activity was supported by local marketing and national advertising, plus a high impact signage package in-store. Our efficient closure and disposal of aged inventory allowed the Jessops management team to focus on the running of the business. We also helped to secure a new finance facility and develop a viable turnaround plan to take the business forward.