N Brown settles PPI dispute with Allianz for £50m

Catalogue retailer N Brown, owner of brands including Simply Be and JD Williams, has settled a legal dispute with Allianz Insurance for £50m.

The case dates back to January 2020, when Allianz was forced to pay £27m to JD Williams customers who were mis-sold payment protection insurance (PPI).

N Brown did not admit liability under the settlement. It said it had set aside £25.5m for the claims in its balance sheet on Aug 27 last year.

It added that it has sufficient liquidity to meet the cash flow requirements of the settlement, including net cash of £82.9m and access to a revolving credit facility of £100m and overdraft of £12.5m, which are both fully undrawn.