Ross injects £5m as missing piece of fashion chain Jigsaw
The Carphone Warehouse co-founder David Ross is ploughing millions of pounds into Jigsaw, the fashion retailer, in a deal that will result in him becoming its majority shareholder.
Sky News understands that an investment vehicle controlled by Mr Ross, who also chairs the National Portrait Gallery, is committing roughly £5m more to the chain, seven years after his initial investment.
Sources said the additional financial injection from Mr Ross would see him replacing Jigsaw founder John Robinson - who established the business in 1970 - as the controlling shareholder.
It comes weeks after it emerged that Hash Ladha, Jigsaw's chief executive for just 15 months, would be leaving the company in the summer.
A new boss is understood to be in the process of being recruited.
Like most high street chains, the loss-making retailer was forced to seek rent reductions from landlords and close unprofitable stores during the pandemic.
A source close to Jigsaw said the new funding would establish a more resilient long-term financial foundation for the company.
It will entail what the source described as "a significant balance sheet reorganisation and debt reduction".
Part of the capital will be used to invest in infrastructure, including a new online proposition for the brand and an improved fulfilment capability.
High street retailers which survived the COVID pandemic are now facing the severe headwinds of the government's increases to employers' national insurance contributions, which come into effect this month.
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