Secure Trust Bank Commercial Finance has provided a £10m finance facility to high street fashion retailer Jigsaw in a deal that would replace Barclays as the brand's predominant lender. Founded in 1970, Jigsaw opened its first store in Brighton. The company now trades from 80 standalone stores nationwide, and has established itself as one of the UK's leading names in fashion. It also operates in the United States and owns an independent licensee in Australia, but Jigsaw had been searching for fresh investment as a means of rebooting the business.
Jigsaw secured £20m in total, comprising of £5m from Carphone Warehouse founder David Ross in exchange for a significant shareholding, as well as a £5m boost from the majority shareholder, John Robinson. The remaining £10m was provided by Secure Trust Bank, which replaced Barclays as Jigsaw's predominant lender.
Tony Young, Regional Sales Director at Secure Trust Bank Commercial Finance, said:"Jigsaw are an ambitious business with a global presence. The company has continued to perform strongly, having reported a seven per cent rise in sales in the five weeks to 31 December, and this new funding will enable Jigsaw to invest in areas of the business that will bring about further growth. We're proud to support a retail giant such as Jigsaw, and having the opportunity to work with a fashion conglomerate is really indicative of how far we've come as a lender."