A pre-pack insolvency process overseen by Will Wright and Chris Pole from Interpath will see Next acquire the Russell & Bromley brand and other intellectual property.

Known for its expensive and stylish shoes, with men’s loafers ranging in price from £250 to £300, Russel & Bromley was founded in 1879 in Eastbourne on the south coast and has been on the high street for nearly 150 years. It had 36 shops and 440 staff, with the majority of jobs set to go.

Only three Russell & Bromley stores in Chelsea, Mayfair, and Bluewater at Dartford in Kent will remain open going forward under the new Next management.

A total of 33 stores and all Russell & Bromley’s nine concessions are at risk but will remain open and continue to trade while the administrators continue to look for potential buyers.

Will Wright, Interpath’s UK CEO, said: ‘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 craftmanship 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.’

Next said in a statement: ‘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.’

Russell & Bromley is a family owned business, headed up by CEO Andrew Bromley, descendant of the original founders. Turnover for the year declined by 10.1% versus 2022 to £44m (2022: £49M). In the latest filed accounts at Companies House, it reported losses of £6.3m for financial year ended 31 December 2023.

‘Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand,’ said Bromley. ‘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.’

The company relocate their head office at Farwig Lane, Bromley to Kingly Street, in central London during the second half of 2024. At the time, Russell & Bromley said 'this was a strategic move ahead of the planned international expansion in the coming years, with a view to attract new talent, be easily accessible to potential new partners and provide a showroom for business relations moving forward'.