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N Brown faces £8m costs after financial compensation error

Plus-sized clothing group N Brown is set to face costs of up to £8m after identifying an error in its calculation of compensation for customers of its financial services divisions when they complained.

The company issued an update on its website, in which it said it had notified the Financial Conduct Authority (FCA) of the error, and is undertaking a detailed review. N Brown also said it expected the error to result in additional cash costs of between £5m and £8m.

In June, the company, which owns Jacamo, Simply Be and JD Williams, announced revenues had dipped by 0.2% year on year for the 13 weeks to May 28, as a 3.4% increase in financial services revenue failed to offset a decline in product revenue of 1.6%.

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