Fashion giant Next has bought the brand and other assets of footwear retailer Russell & Bromley in a pre-pack administration deal.
Next’s acquisition of Russell & Bromley is expected to be approved by a court later today. Next is paying £2.5m in cash and £1.3m for some of the current Russell & Bromley stock.
Next will take on under licence three Russell & Bromley shops in Chelsea, Mayfair and the Bluewater shopping centre, but not 33 other stores and nine concessions. Those branches will remain open while Russell & Bromley’s joint administrators assess options for them.
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.”
Russell & Bromley chief executive Andrew 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.”
The insolvency process was run by Will Wright and Chris Pole of Interpath.
Wright 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 craftsmanship 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.”
Russell & Bromley employs around 440 people.
No comments yet