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Jigsaw secures five million pound injection from Carphone Warehouse co-founder
Credits: Jigsaw British high street retailer Jigsaw is believed to have secured a five million pound funding from an investment vehicle controlled by David Ross, the co-founder of Carphone Warehouse. The reported move, initially publicised by Sky News, is understood to have made Ross a majority shareholder in the business. As such, a source for the media outlet suggested that the investment places Ross ahead of Jigsaw co-founder John Robinson as the controlling shareholder. The new funding is said to be targeted towards establishing a more resilient long-term financial foundation for the company, the source for Sky News noted. It would ultimately ensure a “significant balance sheet reorganisation and debt reduction”, while further backing infrastructure development, such as a new online proposition for the brand. Ross reinvests as Jigsaw tackles turbulent market Ross had first invested in Jigsaw back in 2018 as part of a 20 million pound rescue deal, which came at a time when the retailer was tackling a turbulent financial environment. His latest injection comes just weeks after Jigsaw’s short-term chief executive officer, Hash Ladha, announced plans to leave the company in summer. The search for his replacement is said to be underway. For Jigsaw’s most recently filed financial year for the 12 months ended January 27, 2024, the retailer slipped into the red after efforts to bolster brand marketing and staff had not borne fruit. The company reported a pre-tax loss of 3.6 million pounds, after previously reporting a profit of 816,000 pounds in the year prior. This came despite a marginal rise in revenue, yet Jigsaw affirmed that “work [was] underway” to ensure improvement. The report stated: “At the beginning of the current financial year, against a continuing challenging market, [Ladha] set about clarifying the proposition and refreshing the leadership team and encouraging results of his initiatives have begun to appear in autumn 2024. He has also restructured key areas of the business to ensure the cost base is aligned to the business objectives.” Jigsaw declined to comment on the reports of the cash injection, Sky News said. FashionUnited has contacted the company with its own request to comment.
British high street retailer Jigsaw is believed to have secured a five million pound funding from an investment vehicle controlled by David Ross, the co-founder of Carphone Warehouse.
The reported move, initially publicised by Sky News, is understood to have made Ross a majority shareholder in the business. As such, a source for the media outlet suggested that the investment places Ross ahead of Jigsaw co-founder John Robinson as the controlling shareholder.
The new funding is said to be targeted towards establishing a more resilient long-term financial foundation for the company, the source for Sky News noted. It would ultimately ensure a “significant balance sheet reorganisation and debt reduction”, while further backing infrastructure development, such as a new online proposition for the brand.
Ross reinvests as Jigsaw tackles turbulent market
Ross had first invested in Jigsaw back in 2018 as part of a 20 million pound rescue deal, which came at a time when the retailer was tackling a turbulent financial environment. His latest injection comes just weeks after Jigsaw’s short-term chief executive officer, Hash Ladha, announced plans to leave the company in summer. The search for his replacement is said to be underway.
For Jigsaw’s most recently filed financial year for the 12 months ended January 27, 2024, the retailer slipped into the red after efforts to bolster brand marketing and staff had not borne fruit. The company reported a pre-tax loss of 3.6 million pounds, after previously reporting a profit of 816,000 pounds in the year prior. This came despite a marginal rise in revenue, yet Jigsaw affirmed that “work [was] underway” to ensure improvement.
The report stated: “At the beginning of the current financial year, against a continuing challenging market, [Ladha] set about clarifying the proposition and refreshing the leadership team and encouraging results of his initiatives have begun to appear in autumn 2024. He has also restructured key areas of the business to ensure the cost base is aligned to the business objectives.”
Jigsaw declined to comment on the reports of the cash injection, Sky News said. FashionUnited has contacted the company with its own request to comment.
