Jigsaw, the southwest London-based fashion retailer, could go upmarket following reports that it has received a takeover offer worth £27 million.
Reportedly, the fashion retailer has received an indicative offer from reputed investor Henrik Madsen.
Henrik has been initiating efforts to seek support from investors to take Jigsaw upmarket, besides investing in digital platform and enhancing its licensing arm.
This comes in the wake of Jigsaw’s decision, last summer, to call advisers to run a strategic review of the firm. While KPGM looked into rent negotiations with landlords, Cavendish Corporate Finance worked on the potential sale process.
However, sale process hasn’t started as yet. While there are efforts on the part of Henrik to get investor support, it will be interesting to see how he funds the deal and how successful he turns out to be.
Jigsaw has been one of those several fashion retailers to have faced the pandemic wrath. Besides being forced to shut down half of its stores as a part of its company voluntary arrangement, rest of its other stores moved to turnover-based rent model.
Also, the retailer saw a fall of £31 million in yearly sales, all thanks to lockdown-induced store closures.
Started in 1970, Jigsaw is an apparel retailer that has store and concession partners across Britain, Ireland, Holland and Australia.
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