Next acquires Russell & Bromley in pre-pack administration deal
Next has acquired the Russell & Bromley footwear retailer through an insolvency process.
The £2.5 million transaction has been undertaken via a pre-pack administration deal overseen by Will Wright and Chris Pole from Interpath.
Subscribe to TRBThe sale has included the Russell & Bromley brand and other intellectual property, as well as the transfer of three of stores in Chelsea, Mayfair and the Bluewater Shopping Centre.
However, 33 stores and all nine of the retailer’s concessions have not been included in the sale. The joint administrators said these locations will remain open and trading while options for their future are assessed.
Founded in 1879, Russell & Bromley specialises in premium footwear for men and women, as well as bags and accessories. The company employs around 440 people.
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.
He added: “Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
In recent years, Next has also acquired fashion brands such as Joules, Seraphine, Cath Kidston and FatFace.
