N Brown Group, which owns brands including Simply Be and JD Williams, is set to be acquired by a company owned by Joshua Alliance.

Alliance, currently a non-executive director at N Brown, and his family own around 60 per cent of N Brown’s shares.

Alliance is offering 40p per share in cash through Bidco, a newly formed company established by Alliance to acquire N Brown.

The deal is subject to shareholder approval and is expected to be completed in early 2025.

According to a statement issued by N Brown, Bidco believes that N Brown is not benefiting from being listed on the AIM market, citing limited UK fund manager appetite for small-cap consumer stocks.

The acquisition will allow Bidco to gain several fashion brands, and Bidco believes it can support N Brown’s growth through access to capital, expertise, and other resources to ensure the longevity of the business.

"N Brown continues to consistently serve its loyal and otherwise underserved customers, with exciting long-term prospects for the business,” said Steve Johnson, interim executive chair and chief executive officer of N Brown. “We continue to deliver on our strategy for growth, enabled by a sustainable and efficient operating model, and supporting our people and talent.

“Today's announcement from Bidco will enable us to accelerate that strategy for the benefit of all our stakeholders. The N Brown Independent Directors are therefore unanimously intending to recommend it to our shareholders."

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