Jigsaw pieces together £20m investment plan
Fashion retailer Jigsaw is expected to offload a stake to the founder of Carphone Warehouse as it finalises a plan to reboot the business.
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The womenswear firm is said to have secured a £20m injection, with entrepreneur David Ross stumping up £5m in exchange for a significant shareholding.
The deal - reported by Sky News - will see majority shareholder John Robinson pump £5m into the retailer, which has one store in Belfast. A further £10m will come from Secure Trust Bank as it replaces Barclays as Jigsaw's predominant lender.
The group has been searching for fresh investment to help shield itself from the bitter conditions battering the UK high street, which caused Toys R Us and Maplin to collapse into administration in February.
The bleak start to the year for British retailers has sparked a raft of rescue deals with New Look and Carpetright seeking CVAs, and Mothercare in financing talks.