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Sandra Halliday Published
April 4, 2025
Premium fashion retailer Jigsaw has received a £5 million funding injection from investor David Ross, who built his fortune as the co-founder of Carphone Warehouse. It means he's become the majority shareholder of the business.
That's according to Sky News, which reported the deal saying that an investment vehicle controlled by him is committing the money to the chain seven years after he first invested in the firm.
Before the latest cash injection, Jigsaw founder John Robinson was the controlling shareholder.
The retailer is soon to be without a CEO after short-term CEO Hash Ladha (the former chief executive of Oasis and Warehouse) recently said that he'd be leaving in the summer. The report also said that a new boss is in the process of being recruited.
Jigsaw has been a long-standing name on UK high streets having been founded in 1970. But the company is currently loss-making and has struggled in recent periods, seeking rent reductions from its landlords and closing loss making stores during the pandemic.
Its last set of results were filed last autumn (covering the year to January 2025). They showed revenue up to £57.495 million from £56.779 million and gross profit edging up to £36.7 million from £36.3 million. But it made an operating loss of £934,000 compared to a profit of £1.9 million in the previous year. The pre-tax loss was £3.567 million compared to a profit of £816,000 a year earlier and the final loss for the period was similar at £3.566 million compared to £802,000 in profit last time.
Sky quoted a “source close to Jigsaw” saying the new funding would establish a more resilient long-term financial foundation for the company.
As well as reducing debt, part of the cash will be used to improve fulfilment capability and build a new online proposition for the brand.
The company hasn't officially commented on the report.