UPDATE: Jigsaw seeks fast-track deal with potential investors

London - Womenswear retailer Jigsaw is reportedly hard at work putting together a fast-track deal for a potential takeover. The retailer is said to have approached a number of investors, including the Foschini Group (TFG), owner of Whistles, Hobbs and Phase Eight.

Advisers to Jigsaw are understood to have been discussion with the South African investor, as well as turnaround investors R Capital and Aurelius Adviser, and invited them to submit take over bids for the retailer ahead of its deadline this Friday, according to Sky News. Other asset-based lenders have also been reportedly approached concerning a refinancing deal.

KPMG has been exploring options for the future of the business on behalf of Jigsaw’s controlling shareholder, John Robinson, over the last few weeks ahead of an anticipated cash pinch, which is due to hit the retailer over the holiday trading season. These options may include a sale of Jigsaw, or a minority stake acquisition.

Jigsaw has remained opened to a potential sale, although the retailer previously mentioned that no sale was yet underway. “Jigsaw has made no secret of the fact it is open to strategic investment to drive ongoing expansion," said a spokesperson last month. “However, at this stage no sale process is underway.”

Photo: Jigsaw AW17, The Corner