Carphone Warehouse co-founder David Ross is on the verge of investing in fashion retailer Jigsaw.

It is unclear what form the deal, first reported by Sky News, would take but a source close to the process told Retail Week that it was due to complete mid next week.

Jigsaw’s ownership and refinancing has been the source of much industry speculation since it was reported that the business had appointed KPMG to explore options for Jigsaw’s future, including the sale of a majority or minority stake.

The retailer reported rising sales over the festive period.

Jigsaw has more than 80 standalone stores, as well as concessions in department stores such as John Lewis and Harvey Nichols.

It also has an international presence, with concessions in Bloomingdale’s in the US and stores in Australia and the Netherlands.

In 2016, Jigsaw reported profits of £6.2m on sales of £95m.

Earlier this year it paid out £493,000 to its staff as part of a company-wide incentive plan.