Next has bought the upmarket shoe and accessories brand Russell & Bromley out of administration in a £2.5 million deal, but the majority of the chain’s shops and hundreds of jobs remain at risk.
The high street fashion group has acquired the Russell & Bromley brand, three of its 36 standalone stores and a tranche of existing stock, for which it is paying a further £1.3 million. The remaining 33 stores, along with nine concession outlets employing around 400 people, are not included in the transaction and are now under review by administrators.
Administrators Interpath said the non-acquired stores would continue trading for now while options are explored, including potential closures or further sales.
Russell & Bromley’s chief executive, Andrew Bromley, described the sale as a “difficult decision” but said it offered the best chance of preserving the brand’s long-term future. Founded around 150 years ago, the business has struggled in recent years amid rising costs and weaker consumer spending.
Next said the acquisition would secure “the future of a much-loved British footwear brand”, adding that it planned to provide the operational stability and expertise needed to support Russell & Bromley’s next chapter. The retailer said the focus would be on returning the brand to its core strength in premium footwear and accessories.
The three stores acquired by Next are in high-end locations in and around London, including Chelsea, Mayfair and Kent.
Russell & Bromley becomes the latest name to face an uncertain future on the UK high street, joining a growing list of retailers that have entered administration in recent months. The Original Factory Shop and Claire’s are currently undergoing restructuring processes, while around 1,000 jobs were lost following the collapse of Bodycare last year. River Island has also announced plans to close stores to avoid a wider failure, following earlier high-profile collapses including Debenhams and Wilko.
Next has fared comparatively well during the turbulent retail period and has a track record of acquiring struggling brands. Last year it bought maternity fashion label Seraphine out of administration, and previously integrated FatFace through its concessions model.
While Next’s move secures the Russell & Bromley name, the fate of most of its physical estate — and the jobs attached to it — will depend on the outcome of the administrators’ review in the coming weeks.
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Next buys Russell & Bromley out of administration as 33 shops face uncertainty