£20m deal to rescue Jigsaw

UPMARKET womenswear retailer Jigsaw has struck a deal with Carphone Warehouse’s founder as it tries to revive its ailing fortunes.

Carphone Warehouse founder David Ross and current owner John Robinson will be majority shareholders after investing £5m each.

A further £10m will be invested by Secure Trust Bank, replacing Barclays as Jigsaw’s main lender.

Jigsaw has 80 stores across the UK and concessions in John Lewis and Harvey Nichols.

Though it saw a 7pc rise in sales over Christmas, higher import costs have hit its bottom line. It is understood to have sought a buyer since the end of last year.