N Brown has acquired Gray & Osbourn, the catalogue retailer with sites in Sheffield and Peterborough, for a cash consideration of £8.2m. The management team and all 20 staff will be retained. N Brown is looking to expand its market share among "upmarket, midlife ABC1" customers, and has plans to expand Grey & Osbourn, whose target market is women aged over 55, by adding sales of footwear and lingerie. Analysts predict that Grey & Osbourn could add £1m to N Brown's bottom line during the first year of ownership.