6 April 2020

John Lewis of Hungerford plc

(the "Company")

Directorate Changes

John Lewis of Hungerford Plc (AIM: JLH), the specialist manufacturer and retailer of kitchens, bedrooms and freestanding furniture, is pleased to announce the appointments of Alan Charlton and Stephen Huggett as Non-executive Directors of the Company. The Company also announces that James Barnard, Non-executive Director, has resigned as a director of the Company. The changes are being implemented with immediate effect.

Kiran Noonan, Managing Director, remains Acting Chairman until an independent Non-executive Chairman is appointed.

Kiran Noonan, Acting Chairman said:

"We thank Jim for his great contribution to the Company over the recent years and wish him well with his future plans. It is with great pleasure that we welcome both Alan Charlton and Stephen Huggett to the Board. We are confident that they bring with them many years of financial and commercial experience which will stand us in good stead as we navigate through these challenging times and the future that lies ahead."

James Barnard commented:

"It is with regret that I have tendered my resignation to allow me to spend more time on my other commitments at this time. I want to thank all my colleagues in the Company for the support they have given me during my tenure and wish them success over the years ahead."

Alan Charlton has more than 30 years' experience in the retail industry and has held senior roles across a wide range of sub-sectors, including department stores, clothing retail and furniture.  His previous roles include 10 years as Finance Director of the Austin Reed Group between 2006 and 2016, and various senior positions within the Arcadia Group between 1994 and 2006, including Group Commercial Director, Group Retail Planning Director, and Finance Director of Burton Menswear and Dorothy Perkins. Alan qualified as a Chartered Management Accountant in 1987. Alan Charlton has acted in a consultant capacity to the Company since February 2020.

Stephen Huggett, a Chartered Accountant, has over 30 years' experience developing financial strategies within the manufacturing, hospitality, retail, leisure and services sectors. He has extensive corporate finance experience including flotations in both the UK and USA. Having acted as Head of Finance to the Company for 3 years until May 2019 Stephen's knowledge of the business will be invaluable to the Board. 

The directorships and partnerships currently held by Alan Charlton and Stephen Huggett and over the five years preceding the date of appointment are as follows:

Alan Charlton was appointed as a director of several subsidiary companies within the Austin Reed Group on 5 June 2006, each of which he resigned as a director from on 6 June 2016 as follows:

ARG (Property) Limited, AR Realisations 2016 Limited, ARG Realisations 2016 Limited and CC Realisations 2016 Limited, each entered into administration proceedings on 26 April 2016 which remain ongoing. The latest administrators report dated 20 November 2019 shows that two secured creditors were owed a total of £25.41 million by the above 4 companies. One was paid £7.17 million in full and the other has received distributions totalling £8.09 million to date out of a total of approximately £18.24 million. 

Unsecured creditors for ARG Realisations 2016 Limited and AR Realisations 2016 Limited totalled £15.01 million and £53.31 million respectively of which the administrators have distributed funds representing a dividend rate of 3.80 pence in the pound and 0.22 pence in the pound, respectively.

Unsecured creditors for ARG (Property) Limited and CC Realisations 2016 Limited totalled £0.77 million and £40.72 million respectively which the administrators estimated there would not be sufficient funds to enable any future distribution.

In addition, CCH Realisations 2016 Limited entered into administration proceedings on 26 April 2016 and the company was dissolved on 12 July 2017. The company had no unsecured creditors.

Administrators were appointed to Darius Capital Limited and ARCS Realisations 2016 Limited on 6 May 2016. Darius Capital Limited was dissolved on 12 July 2017 and ARCS Realisations 2016 Limited was dissolved on 22 November 2017. Unsecured creditors for Darius Capital Limited and ARCS Realisations 2016 Limited totalled £40.81 million and £1.08 million respectively of which the administrators anticipated paying nil and 2 pence in the pound, respectively.

Alan Charlton holds 4,423,178 ordinary shares of 0.1p each in the Company ("Ordinary Shares") representing 2.37% of the issued share capital. Stephen Huggett does not hold any Ordinary Shares.

There are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

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