Next, a prominent fashion retailer, has acquired the Russell & Bromley brand and certain assets in a recent deal. However, this acquisition does not include the 33 existing stores and nine concessions in the UK and Ireland, employing approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley, a family-owned business, has faced challenges in a competitive market, experiencing declining sales and widening losses. The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, aimed at supporting a five-year turnaround led by Andrew Bromley, a family member and the CEO.
Under the agreement, Next will take over the Russell & Bromley brand, intellectual property, and operate three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre through a licensing arrangement. The sale includes the transfer of assets worth £2.5 million for the brand and intellectual property, along with a separate £1.3 million for existing stock. Approximately 40 employees will transition to Next as part of this transition.
Andrew Bromley expressed that after a strategic evaluation with external advisors, the decision was made to sell the brand to ensure a sustainable future. He thanked staff, suppliers, partners, and customers for their continued support throughout the brand’s history.
The remaining 33 stores and nine concessions excluded from the deal will remain operational while administrators explore future options. Interpath’s UK CEO, Will Wright, emphasized the brand’s heritage and commitment to quality craftsmanship, expressing the intention to sustain operations while evaluating available options.
Next affirmed its commitment to upholding the legacy of the beloved British footwear brand, aiming to provide operational stability and expertise to support Russell & Bromley’s future endeavors in designing premium footwear and accessories.
The completion of this transaction marks a crucial step in securing the future of Russell & Bromley, maintaining its reputation for contemporary style and quality craftsmanship.