Disposal of Personal Loans Portfolio for £9.95m
N Brown Group Plc announces that its Financial Services division (First Financial Ltd) has sold its £10.8m personal loans portfolio to an undisclosed purchaser for cash proceeds totalling £9.95m.
The impairment provisions made within the financial statements for the year ended 26 February 2005 will be used in part to cover the deficit and the proceeds will be used to further reduce borrowings. First Financial will continue to provide brokerage loan facilities together with a complete range of financial services.
For further information contact:
N Brown Group PLC Tel: 0161 238 2000
Alan White, Chief Executive
Dean Moore, Finance Director
Gavin Anderson Tel: 0207 554 1400
Charlotte Stone/Fergus Wylie
