High street giant Next has announced the acquisition of the renowned footwear retailer Russell & Bromley. The deal, structured as a pre-pack administration, sees Next acquiring the brand, intellectual property, and three key store locations. This move aims to preserve the legacy of the 147-year-old British brand while providing it with operational stability.
Key Takeaways
- Next has acquired the Russell & Bromley brand, IP, and three stores for £2.5 million.
- An additional £1.3 million will be paid for a portion of the retailer’s stock.
- The three acquired stores are located in London’s Chelsea and Mayfair, and Bluewater shopping centre.
- Russell & Bromley’s remaining 33 stores and nine concessions will continue to trade while administrators explore options.
Strategic Acquisition Secures Brand Legacy
Next’s acquisition of Russell & Bromley marks a significant development for the historic British footwear retailer. The deal, valued at £2.5 million for the brand, intellectual property, and three prime store locations, along with an additional £1.3 million for stock, is designed to ensure the continuation of the brand. The three stores included in the acquisition are strategically located in London’s Chelsea and Mayfair, and the Bluewater shopping centre in Kent.
Continued Trading and Future Exploration
While the acquisition secures the brand and key assets, Russell & Bromley’s remaining 33 stores and nine concessions will continue to operate. Administrators from Interpath are currently assessing the best options for this wider portfolio. Will Wright, chief executive of Interpath, expressed satisfaction with the transaction, stating it will "preserve the brand and the commitment to quality craftsmanship." He added that the intention is to keep the remaining stores trading for as long as possible while exploring available avenues.
A New Chapter for Russell & Bromley
Andrew Bromley, chief executive of Russell & Bromley, acknowledged the difficult decision to sell the brand following a strategic review. He believes this sale represents the optimal path to securing the brand’s future and extended gratitude to staff, suppliers, partners, and customers for their long-standing support. Next has affirmed its commitment to building upon Russell & Bromley’s heritage, promising to offer the operational stability and expertise necessary for its next phase of growth.
Sources
- Next acquires footwear retailer Russell & Bromley in pre-pack administration deal, Completely Retail News.
- What’s next for Russell & Bromley under new ownership?, Retail Week.
