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.

A retail giant is set to shut the doors on a store that only opened two years ago. They had hoped to offer shoppers more choice, but a lack of footfall has led to an unexpected closure. 

Next is closing down a store in a North Wales retail park. The Next Outlet in Island Green Retail Park, Wrexham, was the retailer’s second store in the city, with the first store located just a four-minute drive away in the Eagles Meadow shopping centre. Vicky Cossins, store manager, announced the closure on social media. She wrote: “We have built a dedicated core of regular shoppers, but businesses need passing trade and Wrexham lacks that a lot of the time. I am incredibly grateful to all of our shoppers and hope that you will continue to support us in the last few weeks that we remain open. I will announce a closing date once it has been confirmed.”

The store manager urged residents to support other shops, bars and restaurants in Wrexham which rely on their custom.

Island Green Retail Park is home to several other national and local retailers, including Smyths Toys, Poundland and Costa Coffee. There have been changes in occupancy in recent years, reflecting shifts in shopping trends. 

The leasing agent of the park is aware of the closure and is hoping to announce a new tenant for the unit in the near future. 

A spokesperson for Next told North Wales Live: “We can confirm that our NEXT Wrexham Outlet store will cease trade on Saturday 20th December.”

The closure of the store highlights how customers opting for online shopping can lead to a decline in foot traffic for even the most established retailers, such as Next.

However, shoppers will be able to grab some bargains before Christmas in the store’s ‘everything must go’ closing-down sale, rather than the retailer’s annual Boxing Day sale.

Next, which has 500 stories in the UK and 200 stores overseas said a huge rise in its pre-tax profits meant it could absorb next month’s hike in employers’ national insurance (NI) and an increase in the legal minimum wage.

The store’s boss Simon Wolfson said Next was able offset a £70 million rise in its costs by switching its stores to cheaper electricity although it would need to raise some of its prices.

Next, whose pre-tax profit rose 10.1% to £1.01 billion during 2024, was last summer dubbed one of the Britain’s best run retailers by analysts who spoke to Reuters.

Wolfson, Next’s chief executive said the company had the size to absorb the changes but told The Guardian that the government needed to stop burdening big business with excessive regulation.

He said in a lengthy statement: “Policymakers should not allow themselves to believe that burdening ‘big’ business does not impact the lives of millions of ‘ordinary’ people: it does – consumers through higher prices, workers through fewer jobs, and savers through lower pension income.”

Aarin Chiekrie, equity analyst, Hargreaves Lansdown said Next’s success was down to its expansion overseas.

“Overseas sales continue to grow at an eye-watering pace, up at double-digit rates. Given the untapped size of foreign markets, there’s a big opportunity ahead if Next can execute its expansion plans well.”

Richard Hunter, head of markets at interactive investor said: “Next has jumped on its increasing international presence and has increased its website functionality, improved its digital marketing and developed third-party relationships.”

“The overseas third-party distribution network enables the Next brand to reach new markets, and even at this relatively early stage of its ambition the group has highlighted a rise of 350% in international website sales over the last ten years and an increase of 25% in full-price online sales over the last year.

He added: “The Next naysayers have missed out on some stellar returns, but may not yet have entirely missed the boat. The share price has risen by 122% over the last five years and by 59% over the last three. The performance over the last 12 months has been a more pedestrian increase of 7%, as compared to a gain of 9.6% for the wider FTSE100, as the price has caught up with its historic valuation, giving extra punch to the warm reception which the shares have received at the open.

“This has in part led to a market consensus which remains stubbornly stuck at a hold, albeit a strong one, which has been the case for some considerable time. Even so, if this level of inexorable progress is maintained as has been the case to date, those who doubt the company’s prospects may continue to do so at their peril.”