Next has bought UK fashion retailer Russell & Bromley from administration in a rescue deal, but the future of most of the footwear brand's stores remains uncertain.
Russell & Bromley currently runs 36 stores and nine concessions across the UK and Ireland, employing around 440 people.
However, Next said it will only retain three of its shops – in Chelsea, Mayfair and the Bluewater Shopping Centre – as part of the deal.
Administrators at Interpath confirmed that Next has bought the brand and certain other assets in a pre-pack insolvency deal, but they are still exploring options for the remaining stores and concessions, which are continuing to trade.
The footwear and handbags specialist was founded in 1879 in Sussex.
Next said it will pay £2.5 million for the brand and intellectual property, and £1.3 million for a portion of its current 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.”
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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.”
The following shops were not included in the deal and are at risk:
- Bath, Somerset
- Belfast, Northern Ireland
- Birmingham, West Midlands
- Brent Cross, Greater London
- Brighton, East Sussex
- Brompton, Greater London
- Cambridge, Cambridgeshire
- Canary Wharf, Greater London
- Cheltenham, Gloucestershire
- Chester, Cheshire
- Covent Garden, Greater London
- Edinburgh, City of Edinburgh
- Exeter, Devon
- Glasgow, Glasgow City
- Guildford, Surrey
- Hampstead, Greater London
- Harrogate, North Yorkshire
- Jermyn Street, Greater London
- Leeds, West Yorkshire
- Manchester, Greater Manchester
- Oxford, Oxfordshire
- Paddington, Greater London
- Regent Street, Greater London
- Richmond, Greater London
- Stratford, Greater London
- Westfield White City, Greater London
- Winchester, Hampshire
Outlet Stores
- Ashford, Kent
- Cheshire Oaks, Cheshire
- Gunwharf Quays Portsmouth, Hampshire
- Swindon, Wiltshire
UK concessions
- Fenwicks Canterbury, Kent
- Fenwicks Newcastle, Tyne and Wear
- Fenwicks Kingston, Greater London
- Fenwicks Colchester, Essex
- Fenwicks Bracknell, Berkshire
- Fenwicks Tunbridge Wells, Kent
- Fenwicks York, North Yorkshire
Republic of Ireland stores and concessions
- Dublin Grafton Street, County Dublin
- Kildare, County Kildare
- Arnotts concession, Dublin, County Dublin
- Brown Thomas concession, Cork, County Cork
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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