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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 +44 (0) 20 3128 8789
Hirst 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
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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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