Consumers with shares in the camera company Jessops have been told to be wary as the company is struggling with debt as well ass a slump in sales which could leave them with a dud investment.

The executive chairman David Adams said: "Since my arrival at Jessops in 2007, the team has worked very hard in extremely challenging conditions to secure a successful future for the business."

"We have reduced costs wherever possible, worked closely with suppliers and explored a range of options to deliver a sustainable future for Jessops.

"In January we said that we were in discussions with our advisers and HSBC bank and that it was highly likely that this exercise would involve a fundamental restructuring of our debt.

"These discussions continue.

"Regrettably however, against the backdrop of the challenging retail environment and the historic level of debt, the board believes that it is unlikely that any value will be attributed to shareholders.”