A well-known British shoe brand, Russell & Bromley, faces an uncertain future as it undergoes a change in ownership. The brand has been acquired by the fashion retailer Next, which has purchased the brand name and certain assets but will not take over the 33 stores and nine concessions in the UK and Ireland.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley has a long history as a British brand. However, the company has experienced a decline in sales and increased losses in a competitive market. The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, a consulting firm enlisted to explore strategic options and support a five-year turnaround plan led by CEO Andrew Bromley.
Next’s acquisition includes the Russell & Bromley brand, intellectual property, and the transfer of three specific stores to be operated under license. The transaction involves a £2.5 million purchase of the company name and IP, as well as a £1.3 million payment for existing stock. Approximately 40 employees will transition to Next as part of the deal.
In a statement, Andrew Bromley expressed the difficulty of the decision to sell the brand but emphasized that it was the best path forward to ensure the brand’s future. The remaining 33 stores and nine concessions not included in the sale will continue operating while administrators explore potential options for their future.
Interpath’s UK CEO, Will Wright, highlighted the brand’s heritage and quality craftsmanship, expressing satisfaction with the deal that aims to preserve Russell & Bromley’s reputation. Next reiterated its commitment to upholding the brand’s legacy, providing stability, and expertise to support its future endeavors in delivering premium footwear and accessories.
The future of the excluded stores and concessions remains uncertain as administrators evaluate various possibilities, including closure or potential partnerships with other entities.