Directorate Change

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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