With quarterly rent payments due for many retailers, Jessops took the unusual step of reassuring investors via an RNS that it could meet its rent payments.
'Jessops continues to have good relationships with its suppliers and landlords and discussions with HSBC are ongoing. Jessops does not normally comment on press speculation but confirms that its rental commitments due this week will be met.'
It says something about how dire circumstances are when retailers are forced into reassuring investors they can keep up with the rent. The approach seemed to work, however: the stock soared from £2.50 ($4) to a high point of £3.60 yesterday despite the fact that Jessops is expected to breach its banking covenants.
Deputy international editor