N Brown announces departure of chairman Andrew Higginson

Andy Higginson.  Picture Tony Johnson
Andy Higginson. Picture Tony Johnson
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Andrew Higginson is to step down as chairman of plus-size retailer N Brown after almost five years in the role in order to “pursue opportunities in private equity”.

N Brown said Mr Higginson will remain as chairman during the search for his replacement and through what it called “an orderly handover period”.

Chief executive Angela Spindler said: “I would like to thank Andy for his support and advice since my appointment as CEO almost four years ago.

“Andy has led the group during a period of significant transformation and his dedication and insight have made a significant contribution to this process.”

Profits at N Brown fell 20% to £57.6 million last year as the firm was stung by exceptional costs relating to the mis-selling of PPI.

N Brown took a £25.2 million hit to cover compensation for customers after the deadline for settling claims was set for August 2019.

The retailer offers consumer credit via a business which helps shoppers pay for products.

N Brown has also recently signed a partnership with Tesco to sell its Power, Simply Be and Jacamo brands on the supermarket’s website.

File photo  of an Aldi store, as the supermarket saw sales jump to record heights despite profits slipping by nearly a fifth as the supermarket drove investment into cutting prices and expanding its reach. PRESS ASSOCIATION Photo. Issue date: Monday September 25, 2017. The German discount grocer said annual sales in the UK and Ireland rose 13.5% to �8.7 billion in 2016, with the firm enticing more than one million new customers into its stores over the period.  Photo: Anthony Devlin/PA Wire

Aldi sees sales jump to record heights