Russell & Bromley bought in rescue deal but 33 stores at risk
Administrators confirmed that Next has bought the brand and certain other assets in a pre-pack insolvency deal.
Next has snapped up luxury footwear business Russell & Bromley from administration in a rescue deal, but the future of most of the brand’s stores remains uncertain.
Administrators confirmed that Next has bought the brand and certain other assets in a pre-pack insolvency deal.
Russell & Bromley currently runs 36 stores and nine concessions across the UK and Ireland, employing around 440 people.
However, Next said it will only retain three of its shops – in Chelsea, Mayfair and the Bluewater Shopping Centre – as part of the deal.
Administrators at Interpath have said they still exploring options for the remaining stores and concessions, which are continuing to trade.
The footwear and handbags specialist was founded in 1879 in Sussex.
Next said it will pay £2.5 million for the brand and intellectual property, and £1.3 million for a portion of its current stock.
In a statement, Next said: “This acquisition secures the future of a much-loved British footwear brand.
“Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission: the design and curation of world-class, premium footwear and accessories for many years to come.”
Andrew Bromley, chief executive of Russell & Bromley, said: “Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand.
“This is the best route to secure the future for the brand, and we would like to thank our staff, suppliers, partners and customers for their support throughout our history.”
Will Wright, Interpath’s UK chief executive, said: “Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style.
“We’re pleased therefore to have concluded this transaction, which will preserve the brand and the commitment to quality craftmanship that it has become so well known for.
“Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
