Brown (N.) Group PLC Directorate Change (3871V)

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RNS Number : 3871V

Brown (N.) Group PLC

05 April 2023

Appointment of new Independent Non-Executive Director

N Brown Group Plc (the "Company" or the "Group"), a top 10 UK clothing and footwear digital retailer, is delighted to confirm the appointment of Meg Lustman as an Independent Non-Executive Director with immediate effect.

Meg has over 35 years of experience in the retail industry, latterly as CEO of Hobbs. She currently supports CEOs and senior leaders in an advisory capacity, serves as Vice Chair of Court and Remuneration Committee, Chair at Glasgow Caledonian University, and Chair of St Luke's Hospice (Harrow and Brent).

Meg will chair the Group's Remuneration Committee, a role that Gill Barr currently holds, following the Annual General Meeting ("AGM") in July. As announced on 27 January 2023, Gill will step down from the Board following the conclusion of the AGM in July. The Board would like to thank Gill for her steady leadership of the Remuneration Committee.

Ron McMillan, Chairman of N Brown Group, said:

"On behalf of the Board and everyone at N Brown, I welcome Meg to the Group Board. Meg brings a wealth of product experience at an exciting time for N Brown."

Steve Johnson, Group Chief Executive Officer of N Brown Group, said:

"We are delighted that Meg is joining us at this important time for the business. We are in the midst of our transformation plan at N Brown, and having led the transformation and growth of some of the UK high street's best known brands, Meg's experience will strengthen the Board."

Meg Lustman said:

"N Brown has great people who have an obvious pride for what they do. I look forward to supporting the Group as it moves forward on its transformation journey."

The appointment of Meg Lustman as chair of the Group's Remuneration Committee is subject to FCA approval and a further update will be provided in due course.

For further information:

 
N Brown Group 
David Fletcher, Head of Investor Relations     [phone] 
 
MHP Communications 
Simon Hockridge / Eleni Menikou / Charles    [phone] 
 Hirst                                        [e-mail] 
 
Shore Capital - Nomad and Broker 
Stephane Auton / Daniel Bush / John More     [phone] 
 

About N Brown Group:

N Brown is a top 10 UK clothing & footwear digital retailer, with a home proposition. Our retail brands include JD Williams, Simply Be and Jacamo, and our financial services proposition allows customers to spread the cost of shopping with us. We are headquartered in Manchester where we design, source and create our product offer and we employ over 1,800 people across the UK.

Regulatory disclosures

In accordance with Rule 17 and Schedule 2 (g) of the AIM Rules for Companies, Margaret (Meg) Eve Lustman, aged 60, currently has no shareholding in the Company. Meg Lustman holds, or has held in the past 5 years, the following directorships and partnerships:

 
 Current directorships/partnerships   Directorships/partnerships within 
                                       the last 5 year 
 10 Kingdon Road Management Limited   Hobbs Limited 
                                     ---------------------------------- 
 13 Lanhill Road Freehold Limited     Hobbs Fashion Holdings Limited 
                                     ---------------------------------- 
 Mlate Limited                        Hobbs Holding No. 2 Limited 
                                     ---------------------------------- 
 St. Luke's Hospice (Harrow & 
  Brent) Limited                      Hobbs Holdings No. 4 Limited 
                                     ---------------------------------- 
 Glasgow Caledonian University        Hobbs (Middle East) Limited 
                                     ---------------------------------- 
                                      INHOCO 2756 Limited 
                                     ---------------------------------- 
                                      Ted Baker Limited 
                                     ---------------------------------- 
 

On 15 November 2003, Meg Lustman was appointed as a director of Mosaic Fashions Limited, the holding company of a group of retail brands including Warehouse, Karen Millen, Oasis, Principles, Shoe Studio and Coast (the "Mosaic Group") and joined the Board of a number of Mosaic Group companies thereafter. As a result of the 2008 global financial crisis, which impacted the Mosaic Group, its lenders and its shareholders, Mosaic Fashions Limited and its subsidiaries appointed administrators. As part of the administration process, the business and assets of a number of the trading subsidiaries were sold as part of a pre-packaged insolvency sale process to Aurora Fashions Holdings Limited ("Aurora"), a company jointly owned by Mosaic's management team and one of its shareholders, Kaupthing Bank hf, in order to allow four of the brands to continue to trade. Meg Lustman continued as a member of the management of the trading group and, after the sale to Aurora, became managing director of Warehouse. The Mosaic Group companies were subsequently dissolved, at which point Meg Lustman ceased to be a director of each. Details of the administration and dissolution of the Mosaic Group companies are included below:

 
                                   Meg Lustman     Date entered 
                                    appointment    administration        Date 
 Company                               date                          of dissolution 
 CS Realisations (2009) Limited     26/01/2006      24/03/2009        02/03/2012 
 KM Realisations (2009) Limited     23/01/2006      12/03/2009        05/03/2012 
 Mosaic Fashions Limited            15/11/2003      12/03/2009        02/03/2012 
 Mosaic Fashions Finance Limited    15/11/2003      12/03/2009        06/03/2012 
 OS Realisations (2009) Limited     21/12/2004      12/03/2009        05/03/2012 
 WF Realisations (2009) Limited     12/10/2006      12/03/2009        02/03/2012 
 AGF Realisations (2009) Limited    06/12/2007      12/03/2009        02/03/2012 
 BS Realisations (2009) Limited     12/10/2006      08/04/2009        08/07/2010 
 PR Realisations (2009) Limited     12/10/2006      12/03/2009        06/12/2011 
 PTG Realisations (2009) Limited    12/10/2006      12/03/2009        08/07/2010 
 RS Realisations (2009) Limited     12/10/2006      12/03/2009        19/04/2010 
 Rubicon Retail Fashion Limited     12/10/2006      12/03/2009        08/07/2010 
 Rubicon Retail Holdings Limited    12/10/2006      12/03/2009        08/07/2010 
 RV Realisations (2009) Limited     12/10/2006      12/03/2009        19/04/2010 
 SGB Realisations (2009) Limited    12/10/2006      12/03/2009        19/04/2010 
 SGH Realisations (2009) Limited    12/10/2006      12/03/2009        19/04/2010 
 SSG Realisations (2009) Limited    12/10/2006      12/03/2009        06/12/2011 
 TWG Realisations (2009) Limited    12/10/2006      12/03/2009        19/04/2010 
 WL Realisations (2009) Limited     12/10/2006      12/03/2009        08/07/2010 
 KMH Realisations (2009) Limited    23/01/2006      12/03/2009        02/12/2011 
 Mohave Limited                     25/06/2004      12/03/2009        02/12/2011 
 Noel Acquisitions Limited          15/11/2003      12/03/2009        02/12/2011 
 Rubicon Retail Finance Limited     12/10/2006      12/03/2009        02/12/2011 
 Rubicon Retail Limited             12/10/2006      12/03/2009        02/12/2011 
 Sierra Acquisitions Limited        23/01/2006      12/03/2009        02/12/2011 
 Sierra Holdings Limited            23/01/2006      12/03/2009        02/12/2011 
 Sonora Holdings Limited            25/06/2004      12/03/2009        02/12/2011 
 SSGH Realisations (2009)           12/10/2006      12/03/2009 
  Limited                                                             01/12/2011 
 

The Mosaic Group companies had aggregate secured creditors totalling GBP389.7m at the time they were placed into administration and GBP217.8m was paid out to secured creditors in this respect. In aggregate, the estimated deficit as regards unsecured creditor claims of Mosaic Group companies was GBP3.6bn.

Save as disclosed above, there is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.

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April 05, 2023 02:00 ET (06:00 GMT)