Settlement of Ozwald Boateng

18 Jan 2008 07:01

Marchpole Holdings PLC18 January 2008 MARCHPOLE HOLDINGS PLC ("Marchpole" or "the Company") Settlement of Ozwald Boateng Proceedings Marchpole Holdings plc, the fashion brand management group, has successfullysettled out of court in its licensing agreement dispute with Ozwald Boateng'sBespoke Couture Limited. Under the terms of the settlement, Marchpole has extended its manufacturing anddistribution licence with Ozwald Boateng. In addition, for the next three years,Marchpole will not have to make any contractual payments to Bespoke CoutureLimited, which will produce a saving of £1 million plus for Marchpole plc.Furthermore, under the terms of the settlement, Bespoke Couture Limited hasagreed to reimburse Marchpole plc £137,500 by 30 September 2008 in lieu of theprofessional fees incurred by the Company during the legal dispute. Michael Morris, Executive Deputy Chairman of Marchpole commented: "We are verypleased that these legal proceedings have now been finally concluded and that wehave reached such a favourable settlement out of court. Our commitment to theOzwald Boateng brand has never faltered and we look forward to working withBespoke Couture Limited." For further information, please contact: Bell Pottinger Corporate & Financial 020 7861 3232David Rydell / Emma Kent / Amy Rajendran Marchpole Holdings plc 020 7908 7777 Michael Morris, Executive Deputy ChairmanRay Harris, Acting Finance Director This information is provided by RNS The company news service from the London Stock Exchange