Dragons’ Den star Peter Jones is latest multi-millionaire to take advantage of taxpayer cash as his Jessops camera shop chain furloughs 400 workers despite his £490m personal fortune
- Peter Jones will not be making up any lost wages for staff at Jessops
- Business magnate’s personal fortune is estimated at around £490 million
- His team said Jessops’ management had made decision to furlough workers
- Those working for Jones’ investment group are still being paid their full salary
- Other business tycoons are facing criticism for using retention scheme
- Here’s how to help people impacted by Covid-19
Dragons’ Den star Peter Jones has become the latest multi-millionaire businessman to take advantage of taxpayers cash through the Government retention scheme.
More than 400 staff who work at Jessops his chain of high street camera stores have been placed on furlough and will be paid up to £2,500 of their monthly salary.
Jones, whose personal wealth is estimated at around £490 million, will not be making up any lost wages for the staff who work at the stores during the coronavirus crisis
More than 400 staff who work at Jessops his chain of high street camera stores have been placed on furlough and will be paid up to £2,500 of their monthly salary
The 53 year old entrepreneur also has financial interests in over two dozen companies, but has not been involved in their decision to furlough staff.
A spokesman said individual management had taken the decision to use the Government’s job retention scheme.
Jones follows former Dragons’ Den panellist Duncan Bannatyne who said he will have to dip into cash offered by the Government to keep paying his staff for the months of May and June.
Some 2,500 out of 3,000 have been put on furlough although he has topped up their salaries for April.
The 71-year-old said his company faces a £30m loss and admitted he cannot afford to continue to pay staff in his health club business.
Jones, whose business interests range from food production to eCommerce, has temporarily closed his headquarters in Marlow, Buckinghamshire during the crisis.
A spokesman for Jones said those working directly for his investment group are still being paid their full salary and working from home while the board of directors will be taking a 50 per cent pay cut. (Tej Lalvani (left) shows off his prowess on the guitar during a pitch, with Peter Jones (right) listening).
A spokesman for Jones said the decision to take advantage of the furlough was made by their management
He has a share in 25 companies, such as Bare Naked Foods having invested in the business after the founders appeared on the popular BBC2 series featuring business start ups seeking funding in return for handing over a slice of their company.
The 25 companies Jones is involved with have a turnover of more than £250m and employ over 1,000 people across the UK.
According to the Sunday Times Rich list Jones is by far the wealthiest of the Dragons’ Den presenters with a fortune of £490m.
A spokesman for Jones said the decision to take advantage of the furlough was made by their management.
Camera store Jessops is the one company he owns outright having bought it in 2013 after it went into administration.
Last year he announced he had been looking to close some of its 46 stores and renegotiate rents with landlords due to falling sales.
Duncan Bannatyne and wife Nigora Whitehorn are pictured at the beach in Barbados. Dragons’ Den panellist Bannatyne said he will have to dip into cash offered by the Government to keep paying his staff for the months of May and June. Some 2,500 out of 3,000 have been put on furlough although he has topped up their salaries for April
A spokesman for Jones said those working directly for his investment group are still being paid their full salary and working from home while the board of directors will be taking a 50 per cent pay cut.
Jones, who launched his business career with a cocktail bar in Windsor, Berkshire, will not be taking any dividends for salary during the crisis.
The spokesman said: ‘Peter is an investor and has over 25 current investments and he is aware that some of those companies are utilising the government support where necessary.“
Victoria Beckham and Stella McCartney have used the government’s retention scheme
Other business tycoons who have turned to the retention scheme have come in for heavy criticism for relying on the taxpayer while sitting on personal fortunes.
Fashion designers Victoria Beckham and Stella McCartney have placed staff on the retention scheme while Richard Branson is seeking a bailout of his Virgin airline.