Retail giant Next has acquired luxury footwear brand Russell & Bromley in a rescue deal, though the future of most of its high street presence remains uncertain.
Administrators confirmed the acquisition, which sees Next take over the brand and select assets through a pre-pack insolvency agreement.
Russell & Bromley currently operates 36 stores and nine concessions across the UK and Ireland, employing approximately 440 staff.
However, Next has indicated it will only retain three of these prime locations: its outlets in Chelsea, Mayfair, and the Bluewater Shopping Centre.
Interpath, the administrators, stated they are actively exploring options for the remaining stores and concessions, which are continuing to trade in the interim.
The footwear and handbag specialist was established in Sussex in 1879. Next will pay £2.5 million for the brand and its intellectual property, alongside an additional £1.3 million for a portion of its existing 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.”
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