No N Brown stake sale, say brothers

Home shopping group N Brown said decisions by its chairman to stand down after 44 years and his brother to retire as a non-executive director did not mean they planned to sell their family’s combined 47 per cent stake any time soon.

The Manchester-based firm, which targets older and larger shoppers, said yesterday David Alliance would step down as chairman on September 1 and be replaced by Andrew Higginson, a former executive director of Tesco.

David Alliance will remain as a non-executive director but his brother, Nigel, a director since 1969, will retire from the board at the end of the year.

“They will remain as major shareholders... Very much their view is nothing changes,” chief executive Alan White said, though he did add the caveat: “Nothing is forever.”

Mr White, CEO since 2002, has also informed the board he plans to retire from the retailer in the second half of 2013. He plans to stay until a new CEO is appointed and then build a portfolio of non-executive directorships.

When Mr White joined the firm as finance director in 1985 its pre-tax profit was under £5m. In the 2011-12 year it made £97m.

“We have come a long way from the Manchester mail order business I bought in 1963 and today more than half our sales are online,” said David Alliance.

The wettest April to June period on record hit ladieswear sales at the group, it said.

The company, which also owns Figleaves and High & Mighty, said like-for-like sales in the 17 weeks to June 30 were ahead 1.9 per cent lifted by menswear, footwear, lingerie and home.

However, ladieswear revenues have been lower than expected, primarily due to the unsettled weather.