THE REASON behind the decision by quoted British photographic retailer Jessops to pull down the shutters on its shop at Grafton Street late last year becomes clear from accounts just filed with the Companies Office here.
In the year to the end of September 2006, Jessops Photographic (Ireland) Ltd had accumulated losses of €907,228, having incurred a net loss of €379,445 during that 12-month period.
The Irish business owed €1.95 million to its UK parent, split almost evenly between working capital and trading transactions.
It had current assets of €759,103 but owed creditors more than €2 million.
Auditors Byrne Curtin Kelly CPA stopped short of qualifying the accounts but said that there existed a "material uncertainty" that cast a doubt over the company's ability to continue as a going concern.
So it was to prove.
Less than two years after it opened here, Jessops ceased trading in 2007 as part of a company-wide, cost-cutting programme that also saw several of its shops in Northern Ireland close.
