{"id":166405,"date":"2020-05-19T09:12:00","date_gmt":"2020-05-19T09:12:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/n-brown-secures-finance-deal\/"},"modified":"2021-08-06T12:05:48","modified_gmt":"2021-08-06T12:05:48","slug":"n-brown-secures-finance-deal","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/n-brown-secures-finance-deal\/","title":{"rendered":"N Brown sales decline as it secures \u00a350m finance deal"},"content":{"rendered":"\n

Online retailer N Brown Group has agreed new financing arrangements <\/strong>to help it trade through the current difficult period, as the group reports sales have dropped by 25%.<\/strong><\/p>\n

The group, which owns JD Williams<\/a>, Jacamo<\/a> and Simply Be<\/a>, reported its sales had declined by 25% in the last six weeks, as the world's \u201cvery uncertain environment\u201d begins to impact businesses harder.<\/strong><\/p>\n

The board regards this performance as creditable in the circumstances and said it is \"hugely grateful for the commitment and flexibility shown by colleagues\" throughout the business.<\/p>\n

The company secured a new three-year \u00a350 million facility, provided under the Government\u2019s Coronavirus Large Business Interruption Scheme.\u00a0<\/strong><\/p>\n

It also has a securitisation facility of up to \u00a3500 million and an overdraft facility of \u00a327.5 million.<\/p>\n

Apparel sales at the Manchester-based group were down by 48%<\/strong> over the same period. The business had however seen significant growth in home and gifting sales, as sales shot up by 74%.<\/p>\n

Following FCA guidance, on 14 April, the group also offered customers in financial difficulty as a result of COVID-19<\/a> the option to defer payments for three months. As a consequence, the business expects cash collections to be lower over the coming months.<\/p>\n

Steve Johnson, CEO, N Brown Group, said: \"In what remains a very uncertain environment, we have been balancing our number one priority of looking after our colleagues, with a commitment to continue serving our loyal customers, whilst ensuring the business has the resilience to navigate the various challenges we are facing.<\/p>\n

\"We are pleased to have secured support from both our banking partners and the Government's loan scheme,<\/strong> which help to strengthen our financial position and gives us the flexibility and certainty to manage through this challenging period.<\/p>\n

\"In addition, the immediate and substantive actions we took at the very outset of this crisis have supported our working capital positively in this period.\"<\/p>\n

The retailer has taken a number of actions to minimise costs and the impact of coronavirus<\/strong>, including an 80% reduction in marketing expenditure, furloughing 30% of staff, deferring its tax payments and voluntary pay reduction from the Management Board and Senior Leadership Team.<\/p>\n","protected":false},"excerpt":{"rendered":"

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