Brown (N.) Group PLC Litigation Update (0190C)
16 Giugno 2021 - 8:00AM
UK Regulatory
TIDMBWNG
RNS Number : 0190C
Brown (N.) Group PLC
16 June 2021
16(th) June 2021
Update in relation to ongoing litigation with Allianz Insurance
Plc
N Brown Group Plc ("N Brown") today provides an update on
litigation between Allianz Insurance Plc ("Allianz") and JD
Williams & Company Limited ("JDW"), a wholly owned subsidiary
of N Brown.
As previously announced, N Brown is currently involved in a
claim and counterclaim with Allianz Insurance plc regarding the
sale of historical insurance products. The claim and counterclaim
are extremely complex, and proceedings remain at an early stage,
with each party only recently having completed a long disclosure
exercise. We continue to gather detailed and factual expert and
witness evidence in relation to multiple elements of the claim and
counterclaim. N Brown has concluded that these issues mean it is
not possible to reliably estimate the amount of any potential
financial outflow and has, therefore, not made provision for this
claim at this time and instead a contingent liability has been
disclosed. Further details are set out in note 26 to the Group's
Annual Report and Accounts for the year ended 27 February 2021.
Allianz has now issued a further application to the Court under
which it seeks to increase the scope of its original claim in
relation to a further customer redress exercise yet to be
undertaken. Allianz estimates the value of this additional element
of the claim, should its' application be successful, to be up to
GBP36m.
The case is currently scheduled for trial in March 2022.
For further information:
N Brown Group
Will MacLaren, Director of Investor Relations and +44(0)7557 014
Corporate Communications 657
MHP Communications
Simon Hockridge / James Midmer +44(0)203 128
8789
NBrown@mhpc.com
Shore Capital - Nomad and Broker
Dru Danford / Stephane Auton / Daniel Bush / John +44(0)20 7408
More 4090
About N Brown Group:
N Brown is a top 10 UK clothing and footwear digital retailer,
with a Home proposition, serving customers across five strategic
brands. Our strategic brands are JD Williams, Simply Be, Jacamo,
Ambrose Wilson and Home Essentials 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.
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