UK shoe giant in double administration – as Next agrees £2.5m rescue
The major high street company has stepped in and bought the iconic firm.
An iconic British shoe brand has confirmed a double administration. Russell & Bromley announced the appointment of administrators for Russell & Bromley Ltd as well as Russell and Bromley Online Ltd on Thursday. William James Wright and Christopher Robert Pole were given the job of steadying the ship on January 21, according to the listings in the London Gazette.
Russell & Bromley Online is described as “other retail sale not in stores, stalls or markets”, with the main limited firm “retail sale of footwear in specialised stores”. It comes after the family-owned company was said to be at a “pivotal crossroads” amid a split. Some members of the founding Bromley family were advocating for the sale of the company to Auralis, which has proposed a deal that would protect 450 jobs and 37 shops, as well as the firm’s distribution centre, it was reported. Others, however, wanted to see a sale to Next and stock clearance specialist Retail Realisation, it was thought.
This would close all shops and put most jobs at risk, it was believed.
Now, it has been confirmed that Next has bought the company for £2.5million.
Administrator Interpath said it was considering the future of Russell & Bromley stores, as well as nine concession stores.
The family company’s chief executive, Andrew Bromley, said it was a “difficult decision”, but the sale of the shoe brand was the best way to secure its future, the BBC reported.
In a statement, Next said it “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”.
Three of Russell & Bromley’s stores are located in the premium locations of Chelsea, Mayfair and Kent.
It is understood that the rescue deal will see Next own the Russell & Bromley brand and three of its 36 stores, along with some existing stock worth an additional £1.3million.
