Frasers Group has backed a takeover of N Brown as it continues chasing Mulberry

Frasers Group said today in an update on both N Brown and Mulberry published on the London Stock Exchange that it has voted in favour of the cash acquisition of N Brown by Joshua Alliance.

This comes after it was announced earlier this week that Alliance, a non-executive director at N Brown and a member of the founding family, made an offer that valued the business at around £191m.

Frasers Group currently holds a 20.3% stake in N Brown, which owns the likes of Simply Be, JD Williams and Jacamo, and confirmed it plans to sell its stake for 40p in cash per share.

Frasers Group said in the statement that it “looks forward to a strategic relationship” with N Brown after the acquisition.

The group added: “Frasers wishes Joshua Alliance and the N Brown management team every success for the future, and although Frasers will have divested of its shareholding in full, Frasers looks forward to a strategic relationship with Joshua Alliance and the N Brown team post-acquisition.

“Frasers would also like to take the opportunity to thank N Brown and Joshua Alliance for the fulsome engagement ahead of the acquisition announcement.”

Frasers also gave an update to the city on its attempt to acquire luxury fashion brand Mulberry.

The Group said the revised proposal should be given “due and proper consideration” and that it has not received “formal feedback” from the luxury group’s board.

This follows a revised bid from Frasers Group for the luxury brand, which valued the business at £111m but was rejected by Mulberry’s owner.

Mulberry said at the time that its majority shareholder Challice Ltd had “no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking”.

Frasers also confirmed today it has “sought to engage with Challice directly” following the remarks.