Jigsaw suppliers have filed £ 47m bills after the reorganization of the fashion chain last year … over £ 1m at each store they operate.
Short-term changes: Jigsaw puzzles triggered a bankruptcy process known as the company’s voluntary arrangements in the summer of 2020
Jigsaw suppliers have filed a £ 47m bill after the reorganization of the fashion chain last year … over £ 1m at each store they operate.
Owned by carphone warehouse tycoon David Ross and once hiring the Duchess of Cambridge, the company triggered a bankruptcy process known as the company’s voluntary arrangements in the summer of 2020.
It closed the store after the creditors agreed to the proposal in the midst of a pandemic. Currently there are 40 stores. However, the new document reveals the financial pain that suppliers are feeling.
They show that Jigsaw has agreed to secure only £ 1.5m to pay creditors who have been modified shortly by bankruptcy.
If the company achieved a profit of £ 6.5m or more by January 2025, another fund was created to repay the creditors further.
56-year-old Ross co-founded Charles Dunstone and Carphone Warehouse, worth an estimated £ 676m. He bought a jigsaw puzzle in 2018, but since then he hasn’t talked much about his purchases. Jigsaw puzzles said last month that interest, taxes, depreciation and pre-amortization profits reached £ 1.8 million six months after the store reopened in April this year. This is compared to a full-year loss of £ 21m for the fiscal year ending January.
In a statement, Chief Executive Officer Beth Butterwick said: We believe that as an ambitious UK premium brand accessible across multiple channels, we are fully prepared for future growth.
There are rumors that the embarrassed chain has recently been approached by potential buyers. Last night, a spokesman said: “As a highly beloved British fashion brand, and in the midst of a successful transformation, Jigsaw always has suitors.”
Jigsaw supplier submits £ 47m bill after restructuring the chain
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