Family-run footwear brand acquired by Next
Fashion retail group Next has acquired the Russell & Bromley brand and three of its stores.
For almost 150 years, Russell & Bromley has been a prestigious footwear and accessories brand. At the time of the sale of these assets it had 36 stores in the UK and Ireland and nine concessions.
A family-run firm, Russell & Bromley found itself unable to turn its business around from recent financial difficulties and put itself into the hands of external administrators. On January 21, London-based administration company Interpath said Next had acquired the shoe company’s brand, three selected stores and a proportion of its stock through a pre-pack insolvency process.
This is a process that is designed to go through quickly and through which the business in difficulty, or (as in this case) parts of it, are able to continue trading rather than go into liquidation.
Interpath chief executive, Will Wright, said: “We are pleased 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 said Interpath wanted the 33 stores and the nine concessions that Next is not acquiring to keep trading “while we explore the options available”.
Member of the shoe brand’s founding family, and chief executive of the business, 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.”
