Next acquires footwear retailer Russell & Bromley in pre-pack administration deal
Next has acquired footwear retailer Russell & Bromley in a pre-pack administration deal.
The acquisition includes Russell & Bromley’s brand, intellectual property, and three of its stores, together valued at £2.5m. Next will also pay £1.3m for a portion of the footwear retailer’s stock.
The three stores included in the deal are located in London’s Chelsea and Mayfair, and Bluewater shopping centre in Kent.
Russell & Bromley’s remaining 33 stores and nine concessions will remain open and trading while the retailer’s adminstrators from Interpath assess its options.
Will Wright, chief executive of Interpath, 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.”
Andrew Bromley, chief executive of Russell & Bromley, added: “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.”
Next said the acquisition “secures the future of a much loved British footwear brand”.
The retailer added that it intends to “build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter”.