Photographic retailer Jessops has approached administrators in a bid to salvage its struggling property arm.

The retailer, owned by Dragons’ Den star Peter Jones, has filed a notice of intention to appoint restructuring advisory firm Resolve as the administrator for its property arm JR Prop Limited, according to Sky News.

If an administration is confirmed, Jones is reported to be considering a CVA with creditors that would lead to store closures and rent cuts across its estate.

It is understood that Jessops’ retail operations would not be affected by any insolvency. 

Jessops employs around 500 people and jobs would be at risk in any possible restructuring of the business.

Jones bought Jessops out of administration six years ago, following a previous insolvency process that cost as many as 2,000 jobs.

Former chief executive Neil Old left the business in August to run the UK operations of Signet, the jewellery retailer. Jessops’ finance chief left the business around the same time.

If the administration goes through and a CVA is proposed, Jessops would join a long list of retailers which have resorted to the insolvency procedure this year.

Debenhams, Arcadia, Jack Wills, HMV and Karen Millen are just some of the high street names that have turned to CVAs to survive this year, battling against the headwinds of spiralling costs, business rates and dwindling footfall.

Jessops has been contacted for a comment.