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N Brown secures new lending arrangements; home & gift sales up, but apparel falls sharply

By BFN News | 08:03 AM | Tuesday 19 May, 2020


Online retailer N Brown secured new lending arrangement from its creditors and said it had seen 'significant' growth in its home & gift categories, but continued weakness in apparel sales as offline sales declined significantly more than digital sales. Sales in its home & gift categories were up 74% abut apparel sales were down 48%. The company said trading had improved from the 'sudden and significant' decline experienced in March with product sales down 25% in the last 6 weeks. The company secured a new up to £50m three-year term loan facility, and amended certain terms and covenants of the securitisation facility, to mitigate a significant amount of the impact that Covid-19 could have in 2020 on the facility. The amendments to the facility are in place until late December 2020 and were intended to fully cover the impact of the current period of the FCA's Covid-19 forbearance and the widening of certain covenants at the August 2020 half-year test date, the company said. At 8:03am: (LON:BWNG) Brown N Group PLC share price was +0.74p at 19.54p Story provided by StockMarketWire.com

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