Jigsaw’s urge to find a solution to its financial struggles

The British luxury fashion retailer Jigsaw is on the look-out for a new buyer on Friday. And one rather urgent, according to company’s sources.

Weakening retail sales and rising inflation would have pushed Jigsaw’s controlling shareholder John Robinson and founder of the brand to hire KPMG to help it explore the options at hand.

Among other potential solutions, the company is reported to have considered the sale of a majority or minority stake to another retailer or financial investor. In this regard, the company told the BBC it had already received "a number of direct approaches".

Sources cited by SkyNews said Robinson was “flexible” about the nature of a transaction, with Peter Ruis, Jigsaw’s chief executive, sounding optimistic about the company’s potential during a media interview this week.

Jigsaw recorded sales in the year to September of about 100 million pounds, up 8 percent on the previous 12 months.

Requested for commentary on the potential sale, a Jigsaw spokesperson said: “Jigsaw has made no secret of the fact it is open to strategic investment to drive ongoing expansion. “A number of approaches have been made and these are being discussed. “However, at this stage no sale process is underway.”

Jigsaw had over 80 stand-alone stores and concessions in department stores such as John Lewis and Harvey Nichols as well as a small international presence.