BROWN (N) GROUP PLC — Board/Management Information 2023

Apr 5, 2023

National Storage Mechanism | Additional information

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
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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