Jigsaw owner posts 10m pounds in losses

Fashion group Robinson Webster Holdings, the company that owns high street chains Jigsaw and Kew 159, as well as Chelsea boutique The Shop at Blue Bird, has seen a slide in profits of nearly 10m pounds. The company  filed pre-tax losses of

9.98m pounds compared to the previous full-year when  it made a pre-tax loss of 121,000 pounds, for the full-year to October 1,  2011.

 According to Drapers Online, Jigsaw posted the biggest loss of of  £21.2m, which the company said was due to “one off changes arising from the decision to provide against intercompany loans and investments.”

Earlier this year Robinson Webster Holdings announced that it was to close its Kew 159 division after the spring 12 season. The company would generate some cash by selling part of its Kew 159 store  portfolio and using others to expand its Jigsaw brand.

 As a result, the group will actively focus on the Jigsaw brand, and is  “seeking commercial opportunities to earn profit and add value by pursuing growth outside of the established store and web channels.”

The group said it sees these opportunities coming from licensing and franchise agreements for the Jigsaw brand both in the UK and overseas  and also hopes to build on the success of its menswear business which  it relaunched earlier this year. Jigsaw’s concession and online  business is also being targetted for growth.

Kew 159 made a loss of 6.8m pounds in the full-year period as a result of unprofitable stores within its portfolio.