Jessops’ management isn’t good at taking a hint. This is the company that had to pull its first attempt at a flotation in 2000 and, four years later when it took a second stab at the public market, it was forced to slash its offer price because of a lack of institutional interest.

The unlucky few who eventually subscribed have lost 87 per cent on their original investment: falling digital camera prices have meant Jessop's life as a public company has been characterised by profit warnings. Investors’ reticence was founded, in part, on the fact that Jessops based its entire strategy on one product, digital cameras. The company now is making every effort to find new revenue streams, but it is still under pressure from cheaper online rivals.

Thanks to HSBC, which has agreed a new debt facility and taken a 10 per cent stake in warrants, Jessops can now keep going for another 18 months. Yesterday's positive noises from DSG International on the digital SLR market provides some comfort, and today's restructuring promises to return the company to a modest profit next year.

But it is a brave investor who follows HSBC in.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive