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Jigsaw parent company posts £10m loss

Robinson Webster Holdings, the parent company behind womenswear chains Jigsaw and Kew 159, has posted pre-tax losses of almost £10m for the full-year to October 1, 2011.

The group, which also includes The Shop at Bluebird and womenswear retailer Cabbages & Roses, saw its losses widen dramatically to £9.98m compared to the previous full-year when it made a pre-tax loss of £121,000.

According to results filed at Companies House, group turnover was up by around 3.7% from £81m the previous full-year to £84m in this full-year period.

In terms of its individual fascias Jigsaw made the biggest loss – a total of £21.2m - which the business has attributed to “one off changes arising from the decision to provide against intercompany loans and investments.”

In March of this year Robinson Webster Holdings announced that it was to shutter its Kew 159 fascia after the spring 12 season. As part of this process some stores will be sold off while others will be converted in to Jigsaw stores.

As a result, the group will actively focus on the Jigsaw brand, and is “seeking commercial opportunities to earn profit and add value by pursuing growth outside of the established store and web channels.”

The group said it sees these opportunities coming from licensing and franchise agreements for the Jigsaw brand both in the UK and overseas and also hopes to build on the success of its menswear business which it relaunched earlier this year. Jigsaw’s concession and online business is also being targetted for growth.

Kew 159 made a loss of £6.8m in the full-year period as a result of unprofitable stores within its portfolio.

The directors’ report described the decision to cull Kew 159 as “difficult”.

Both The Shop at Bluebird and the Cabbages & Roses fascias also made losses, but these were much smaller at £400,000 and £28,916 respectively.

 

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