Frasers Group Backs N Brown Acquisition

Frasers Group has backed the proposed £191 million takeover of N Brown Group, divesting its 20.3% stake for £38 million at 40p per share. The acquisition, led by Joshua Alliance, aims to take N Brown private amid a declining market for UK small-cap stocks. Frasers, which also owns a significant stake in Mulberry, is pursuing a £111 million bid for the luxury brand, though its offers have been rebuffed by majority shareholder Challice, which opposes selling at this time. Frasers expressed hope for a strategic relationship with N Brown post-acquisition while continuing to seek engagement with Challice regarding Mulberry. The company has until October 28 to make a formal offer for Mulberry or withdraw. Despite setbacks, Frasers remains active in the retail acquisition landscape.