The future of the British footwear brand Russell & Bromley has been secured following a sale of the brand and certain other assets to Next.
Founded in 1879 in Sussex, Russell & Bromley is a proudly British brand, specialising in men’s and women’s footwear, as well as bags and accessories. It trades from 36 stores and nine concessions across the UK and Ireland, employing circa 440 people.
The transaction, which is being undertaken via a pre-pack insolvency process overseen by Will Wright and Chris Pole from Interpath and which is expected to be approved by the court later today, sees Next acquire the Russell & Bromley brand and other intellectual property, as well the transfer of three Russell & Bromley stores in Chelsea, Mayfair and the Bluewater Shopping Centre.
Andrew Bromley, CEO 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.”
A total of 33 stores and all nine concessions are not included as part of the transaction. These stores will remain open and continue to trade while the joint administrators continue to assess options for them.
Will Wright, Interpath’s UK CEO, 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.
He added: “Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
