The future of a beloved British high street institution is hanging in the balance, with a potential takeover threatening hundreds of jobs and the closure of its physical stores.
Takeover Talks and a Potential Split
According to reports, the footwear chain Russell & Bromley is at the centre of advanced takeover discussions. The proposed deal would see a partnership between retail giant Next and stock clearance specialist Retail Realisation acquire the business.
The plan, as reported, involves a split of the company's assets. Next would acquire the Russell & Bromley brand name and its intellectual property, potentially for future online or in-store concessions. Meanwhile, Retail Realisation would take on the task of closing the remaining physical stores and liquidating existing stock.
This move puts approximately 450 jobs at risk across the country. The retailer operates 37 stores nationwide, with 13 of those located in London, making the capital particularly vulnerable to job losses.
The Players Behind the Deal
Retail Realisation is linked to Modella Capital, an investment firm that has recently purchased other well-known high street names including WHSmith, Claire's, and Hobbycraft. Modella forms part of the Hay Wain group, overseen by turnaround specialist Jamie Constable.
It is understood that this proposed takeover is one of several options being evaluated by the company's adviser, Interpath. The family-run business, currently managed by fifth-generation leader Andrew Bromley, traces its roots back to 1880 when the inaugural store opened in Eastbourne following the marriage of shoemaking heirs Elizabeth Russell and George Bromley.
An Uncertain Future for the High Street
The potential disappearance of Russell & Bromley's storefronts from shopping centres and high streets marks another significant shift in the UK's retail landscape. The brand, known for its quality footwear, has been a fixture for generations of shoppers.
When approached for comment, Retail Realisation stated it "never comments on market speculation." Similar requests for comment were made to Russell & Bromley, Next, and Modella Capital.
For now, staff and customers alike face an anxious wait as the fate of this iconic retailer is decided behind closed doors.
