Last checked at 16 Jun 2021 07:00
16th 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 £36m.
The case is currently scheduled for trial in March 2022.
For further information:
N Brown Group |
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Will MacLaren, Director of Investor Relations and Corporate Communications | +44(0)7557 014 657 |
MHP Communications |
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Simon Hockridge / James Midmer | +44(0)203 128 8789 NBrown@mhpc.com |
Shore Capital - Nomad and Broker Dru Danford / Stephane Auton / Daniel Bush / John More
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+44(0)20 7408 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.