Brown Group Regulatory News (BWNG)

30 Nov 2007 13:00

Brown (N.) Group PLC30 November 2007 Disposal of Zendor N Brown Group plc, the leading direct home shopping group announces that it hasentered into a contract to dispose of Zendor.com Ltd, its fulfilment subsidiaryto GSI Luxembourg S.a.r.l., a subsidiary of GSI Commerce Inc., a leading USbased end-to-end, e-commerce solutions provider. The proceeds in cash, including the repayment of inter company loans, areexpected to amount to £3.83m subject to normal adjustments on completion. Completion is expected to take place on 14th December 2007 following a period ofconsultation with the staff. This satisfactorily completes the planned disposal of all non-core activities. The group is also pleased to announce the acquisition on 31st October 2007 ofthe business, assets and goodwill of Nightingales Ltd from the Administrator fora consideration of £0.77m in cash. As a result of this transaction the group has acquired over 150,000 customernames and a premium brand within the upmarket ladies clothing sector. Alan White, N Brown Group Chief Executive, said: "The sale of Zendor will successfully complete our disposal programme ofnon-core activities and enables us to concentrate on our core strategy of growthin the Catalogue and internet retail market. The acquisition of Nightingaleswill complement our other brands in the upmarket ladies wear sector." All enquiries should be addressed to: N Brown Group Plc: Alan White, Chief Executive Tel : +44 (0) 161 238 2202Dean Moore, Group Finance Director Tel : +44 (0) 161 238 2208 Gavin Anderson & Co Fergus Wylie / Clotilde Gros / Paula McBride Tel : +44 (0) 207 554 1400 This information is provided by RNS The company news service from the London Stock Exchange