Company Announcements

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:

 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:

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:

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.