Brown (N.) Group PLC Litigation Update (0190C)

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RNS Number : 0190C

Brown (N.) Group PLC

16 June 2021

16(th) June 2021

Update in relation to ongoing litigation with Allianz Insurance Plc

N Brown Group Plc ("N Brown") today provides an update on litigation between Allianz Insurance Plc ("Allianz") and JD Williams & Company Limited ("JDW"), a wholly owned subsidiary of N Brown.

As previously announced, N Brown is currently involved in a claim and counterclaim with Allianz Insurance plc regarding the sale of historical insurance products. The claim and counterclaim are extremely complex, and proceedings remain at an early stage, with each party only recently having completed a long disclosure exercise. We continue to gather detailed and factual expert and witness evidence in relation to multiple elements of the claim and counterclaim. N Brown has concluded that these issues mean it is not possible to reliably estimate the amount of any potential financial outflow and has, therefore, not made provision for this claim at this time and instead a contingent liability has been disclosed. Further details are set out in note 26 to the Group's Annual Report and Accounts for the year ended 27 February 2021.

Allianz has now issued a further application to the Court under which it seeks to increase the scope of its original claim in relation to a further customer redress exercise yet to be undertaken. Allianz estimates the value of this additional element of the claim, should its' application be successful, to be up to GBP36m.

The case is currently scheduled for trial in March 2022.

For further information:

 
N Brown Group 
Will MacLaren, Director of Investor Relations and    [phone] 
 Corporate Communications                             657 
MHP Communications 
Simon Hockridge / James Midmer                       [phone] 
                                                      8789 
                                                      [e-mail] 
 
 
Shore Capital - Nomad and Broker 
 Dru Danford / Stephane Auton / Daniel Bush / John     [phone] 
 More                                                  4090 
 

About N Brown Group:

N Brown is a top 10 UK clothing and footwear digital retailer, with a Home proposition, serving customers across five strategic brands. Our strategic brands are JD Williams, Simply Be, Jacamo, Ambrose Wilson and Home Essentials 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.

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June 16, 2021 02:00 ET (06:00 GMT)