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Jigsaw strikes a sale deal

Carphone Warehouse co-founder David Ross is buying a majority stake in Jigsaw, Drapers understands.

Sources familiar with the situation have told Drapers that the deal is expected to close this week.

It is not clear how much Ross’s stake will be worth, although it is thought he is investing £5m, and that Jigsaw founder John Robinson is investing a similar sum.

Secure Trust Bank is believed to be committing £10m to replace Barclays as Jigsaw’s principal lender.

Jigsaw announced in July that its sales rose 8% to £94.7m for the year to 1 October 2016, with adjusted EBITDA up 5.6% year on year to £5.7m.

The retailer’s founder and controlling shareholder, John Robinson, hired KPMG last year to explore options for the retailer’s future.

The news comes after Drapers revealed earlier this month that former CEO Peter Ruis had left the business, with Jigsaw chairman Charles Atterton returning to an executive role as Jigsaw’s executive chairman.

The retailer operates around 80 UK stores, including 30 in London, and has concessions in several branches at department stores John Lewis, Fenwicks and Bentalls.

It also has concessions at Arnotts Dublin, De Bijenkorf in the Netherlands, David Jones in Australia, Robinsons in Singapore, Edgars in Johannesburg and Voisins in Jersey.

Drapers has contacted Jigsaw and KPMG for comment. 

 

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