Jan '08
Under the terms of the settlement, Marchpole has extended its manufacturing and distribution licence with Ozwald Boateng. In addition, for the next three years, Marchpole will not have to make any contractual payments to Bespoke Couture Limited, which will produce a saving of £1 million plus for Marchpole plc.
Furthermore, under the terms of the settlement, Bespoke Couture Limited has agreed to reimburse Marchpole plc £137,500 by 30 September 2008 in lieu of the professional fees incurred by the Company during the legal dispute.
Michael Morris, Executive Deputy Chairman of Marchpole commented: 'We are very pleased that these legal proceedings have now been finally concluded and that we have reached such a favourable settlement out of court. Our commitment to the Ozwald Boateng brand has never faltered and we look forward to working with Bespoke Couture Limited.'
Marchpole Holdings plc
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