A well-known British shoe retailer, Russell & Bromley, faces an uncertain future as the brand has been sold. The fashion giant Next has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland. This move comes as Russell & Bromley, established in 1879 in Eastbourne, East Sussex, has struggled in a competitive market, experiencing declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisor appointed to explore options for the company’s five-year turnaround led by CEO Andrew Bromley. As part of the deal, Next will take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will operate under license. The acquisition cost for the brand and IP is £2.5 million, with Next paying an additional £1.3 million for stock. Approximately 40 employees will transition to Next.
In a statement, Andrew Bromley expressed that the decision to sell the brand was made following a strategic review with external advisors to ensure the brand’s future. He thanked the staff, suppliers, partners, and customers for their ongoing support. The 33 remaining stores and nine concessions not included in the transaction will continue to operate while administrators explore potential options for their future, which could range from closure to potential management by another company.
Will Wright, Interpath’s UK chief executive, highlighted Russell & Bromley’s historic legacy in contemporary style and emphasized the commitment to quality craftsmanship. He affirmed the intention to sustain the remaining stores while assessing available options. Next stated that the acquisition secures the future of the beloved British footwear brand, aiming to uphold its legacy and provide operational stability for its continued success in delivering premium footwear and accessories.
The future of the Republic of Ireland stores and concessions, as well as the outlet stores and concessions, remains uncertain. For more news and top deals, readers can join the Money WhatsApp group for exclusive promotions and updates. Additionally, they can sign up for Mirror’s Money newsletter for advice and shopping deals directly in their inbox.