Jigsaw has a new majority shareholder after securing £5m fresh funding

Ross is investing around £5m into Jigsaw in a deal that will see him become the fashion retailer’s majority shareholder, seven years after he first became one of its major investors.

A source said that the financial investment from Ross would see him replace founder John Robinson as Jigsaw’s controlling shareholder, according to Sky News.

Another source close to Jigsaw said that the new funding would establish a “more resilient long-term financial foundation” for the business moving forward.

This will include a “significant balance sheet reorganisation and debt reduction”, said the source.

It is understood that part of the capital will be used to invest in infrastructure, including a new online proposition and improved fulfilment capabilities.

Jigsaw declined to comment.

This comes after the surprise resignation of chief executive Hash Ladha in February this year, who is set to exit the retailer in July after just 15 months at the helm.

A successor is yet to be announced, however, a recruitment process for a new chief executive is anticipated to be underway.