Next Rescues Russell & Bromley from Administration in £3.8 Million Deal
Fashion giant Next has stepped in to rescue the historic luxury footwear and handbags retailer Russell & Bromley from administration, securing its future in a significant pre-pack insolvency arrangement. The deal, valued at £3.8 million, includes a £2.5 million payment for the brand and intellectual property, plus an additional £1.3 million for a portion of existing stock. This move preserves a beloved British brand that has been operating since 1879, but it comes with substantial uncertainty for the majority of its physical stores across the UK and Ireland.
Only Three Stores Guaranteed to Remain Open
In a statement confirming the acquisition, Next revealed that it will keep just three Russell & Bromley outlets operational as part of the transaction. These are located in Chelsea and Mayfair in Central London, and at the Bluewater Shopping Centre in Kent. This decision leaves the fate of the remaining 35 shops and nine concessions hanging in the balance, affecting approximately 440 staff members whose jobs are now at risk. Administrators at Interpath have indicated they are actively exploring options for these locations, which continue to trade in the interim.
Full List of Russell & Bromley Stores at Risk of Closure
The following Russell & Bromley stores across the UK are now under threat following the administration and acquisition by Next:
- Bath, Somerset
- Belfast, Northern Ireland
- Birmingham, West Midlands
- Brent Cross, Greater London
- Brighton, East Sussex
- Brompton, Greater London
- Cambridge, Cambridgeshire
- Canary Wharf, Greater London
- Cheltenham, Gloucestershire
- Chester, Cheshire
- Covent Garden, Greater London
- Edinburgh, City of Edinburgh
- Exeter, Devon
- Glasgow, Glasgow City
- Guildford, Surrey
- Hampstead, Greater London
- Harrogate, North Yorkshire
- Jermyn Street, Greater London
- Leeds, West Yorkshire
- Manchester, Greater Manchester
- Oxford, Oxfordshire
- Paddington, Greater London
- Regent Street, Greater London
- Richmond, Greater London
- Stratford, Greater London
- Westfield White City, Greater London
- Winchester, Hampshire
Outlet Stores at Risk:
- Ashford, Kent
- Cheshire Oaks, Cheshire
- Gunwharf Quays Portsmouth, Hampshire
- Swindon, Wiltshire
UK Concessions at Risk:
- Fenwicks Canterbury, Kent
- Fenwicks Newcastle, Tyne and Wear
- Fenwicks Kingston, Greater London
- Fenwicks Colchester, Essex
- Fenwicks Bracknell, Berkshire
- Fenwicks Tunbridge Wells, Kent
- Fenwicks York, North Yorkshire
Statements from Next and Russell & Bromley Leadership
Next has emphasised its commitment to building on Russell & Bromley's 147-year legacy, stating: "This acquisition secures the future of a much-loved British footwear brand. Next 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."
Andrew Bromley, chief executive of Russell & Bromley, commented on the difficult decision: "Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand, and we would like to thank our staff, suppliers, partners and customers for their support throughout our history."
Will Wright, Interpath's UK chief executive, added: "Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style. We're pleased therefore to have concluded this transaction, which will preserve the brand and the commitment to quality craftsmanship that it has become so well known for. Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available."
Implications for the UK Retail Sector
This acquisition highlights the ongoing challenges in the UK retail landscape, where even established brands like Russell & Bromley can face financial distress. Next's intervention ensures the brand's survival, but the potential closure of 35 stores underscores the shifting dynamics towards online retail and the consolidation of physical footprints. Customers and employees alike will be watching closely as administrators work to determine the future of these at-risk locations, with hopes that alternative solutions might emerge to save jobs and maintain local presences.
