Online retailer prepares £30m for new PPI claims
N Brown Group says it will have to make £30m available to meet last minute PPI claims.
The Manchester-based retailer, said that it saw a “significant increase” in PPI complaints in the build up to the 29th August deadline.
In the last 4 weeks it had more than 10 times the average volume of claims and 40k in the final week alone.
To date, the company has paid out £108m in claims.
“The Group is currently working through all additional PIRs now received, and although it is not possible to be precise about the final outcome, the Group now believes it will be necessary to make an additional provision in the range of £20m to £30m in its half year results for the six months to 31st August 2019,” it said in a statement.
It added that this meant its full year net debt guidance is expected to increase from £440m - £460m, to £460m - £490m.