UK clothing retailer Next has officially announced its acquisition of the heritage footwear brand Russell & Bromley for £2.5 million ($3.35 million). The company plans to keep three of Russell & Bromley’s 36 stores open as part of this strategic move. Court approval for the deal is expected later today, January 21.
As part of the acquisition, Next will invest £1.3 million to acquire a portion of Russell & Bromley’s existing stock. The agreement allows Next to take over operations of the Oxford Street and King’s Road stores in London, along with the Bluewater Shopping Centre location in Kent, all set to operate under a Next license.
Notably, 33 stores and all nine concessions affiliated with Russell & Bromley will remain outside of this transaction. These locations will continue to operate while the appointed joint administrators explore options for their future. Retail Realisation has been tasked with managing the sale of any remaining inventory.
Next stated, “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, CEO of Russell & Bromley, commented, “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 acquisition of Russell & Bromley is being facilitated through a pre-pack insolvency process managed by Will Wright and Chris Pole from Interpath. Wright remarked, “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.” He further stated, “Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
Founded in 1879 in Sussex, Russell & Bromley is a British brand known for its men’s and women’s footwear, bags, and accessories, employing around 440 people.