N Brown chairman Higginson steps down

Andrew Higginson is stepping down as chairman from clothing retailer N Brown after five years in order to pursue opportunities in private equity.

Senior independent director Ron McMillan is leading the process to find his replacement, and Higginson will remain in his position in the meantime and through an orderly handover period.

Chief executive officer Angela Spindler said: "I would like to thank Andy for his support and advice since my appointment as CEO almost four years ago. Andy has led the group during a period of significant transformation and his dedication and insight have made a significant contribution to this process. I have very much enjoyed working with him. I look forward to welcoming and working with a new chairman in due course."

Higginson said: "I am stepping down in order to free up capacity to pursue opportunities within private equity in my portfolio, but I look forward to following the progress of the company in the coming years and wish the business every success."

At 0950 BST, the shares were up 0.7% to 288.50p.