The Financial Conduct Authority has given the green light for the £191m acquisition of Manchester-based ecommerce group, N Brown.
In October, N Brown Group’s board recommended the £191m takeover bid from non-executive director, Joshua Alliance, through his Falcon 24 Topco business.
It meant that Falcon would acquire the entire shareholding of N Brown and take it private – this would be via a Court-sanctioned scheme of arrangement
“N Brown and Bidco are pleased to announce that on 19 December 2024 the FCA gave the requisite approval to the Acquisition and, as such, the FCA Change in Control Condition has been satisfied,” they said in a statement.
The 2 companies expect the acquisition to be completed by February 12 next year.
At the time of the original announcement, Alliance said that the current executive team and leadership would remain in place, adding:
“My family have been supporters of N Brown for over half a century, providing capital and having been involved in the strategic leadership of the business. I am delighted to continue that history.
“This transaction will support N Brown in accelerating its long-term growth potential and provide, where needed, access to additional capital, expertise and resource to accelerate the longer-term potential of the business. In the business’ current cycle of evolution, we will be able to achieve this growth potential more successfully away from the public markets. I am excited about the opportunities created by this portfolio of well-established fashion brands, supported by an innovative financial services platform and its talented executive team and employees.”
