REG - Brown (N.) Group PLC - Directorate Change

N BrownAnnouncement

05/04/2023 07:15

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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       +44 (0)7876 111242

 MHP Communications
 Simon Hockridge / Eleni Menikou / Charles Hirst  +44 (0) 20 3128 8789

                                                  NBrown@mhpgroup.com (mailto:NBrown@mhpgroup.com)

 Shore Capital - Nomad and Broker
 Stephane Auton / Daniel Bush / John More         +44 (0) 20 7408 4090

 

 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:

 

 Company                           Meg Lustman appointment date  Date entered administration  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) Limited  12/10/2006                    12/03/2009                   01/12/2011

 

The Mosaic Group companies had aggregate secured creditors totalling £389.7m
at the time they were placed into administration and £217.8m was paid out to
secured creditors in this respect. In aggregate, the estimated deficit as
regards unsecured creditor claims of Mosaic Group companies was £3.6bn.

 

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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