Jigsaw said to have secured 20 million pound injection

London - High street retailer Jigsaw is reportedly set to sell a significant stake in its business to the founder of Carphone Warehouse, as it secures a 20 million pound cash injection as part of its turnaround plans.

The deal would see majority shareholder John Robinson inject 5 million pounds into Jigsaw, as David Ross, founder of Carphone Warehouse is set to pay another 5 million pounds for a significant stake in the business, according to a report from Sky News. Another 10 million pounds is said to come from Secure Trust Bank, who is set to replace Barclays as Jigsaw’s predominant lender.

The news report comes as Jigsaw continues to search for new investment to help ensure its survival admits a challenging trading environment. A number of UK retailers have already succumbed to increasing financial pressures, including New Look and Select, which both applied for CVA’s earlier this year.

Even though Jigsaw, with currently operates 80 standalone stores throughout the UK, reported a boost in sales during the runup to Christmas, higher import costs have still impacted its overall business. The high street retailer previously announced the exit of its chief executive Peter Ruis this March, as its chairman Charles Atterton is set to return to an executive role.

FashionUnited reached out to Jigsaw for additional commentary but a spokesperson for Jigsaw declined to comment.

Photos: Jigsaw AW17, The Corner