Jigsaw has a new majority shareholder. Carphone Warehouse co-founder David Ross has teamed with founder John Robinson, to secure the retailer’s future.
The £20m deal means Ross become the majority shareholder in return for investing £5m through his vehicle Uniform Brands.
Robinson will invest a similar amount with Secure Trust Bank, replacing Barclays as the retailer’s main lender and providing £10m.
Deal negotiations had been ongoing since the autumn when Jigsaw hired KPMG to explore its options. It is understood that the retailer’s heavy investment and expansion had hit its bottom line.
In 2016, the business reported profits of £6.2m on sales of £95m. It also reported rising sales over the festive period.
Earlier this month, chief executive Peter Ruis departed the retailer. His successor, Jigsaw chairman Charles Atterton, previously served as joint chief executive alongside founder Robinson.
It also has an international presence, with concessions in Bloomingdale’s in the US and stores in Australia and the Netherlands.