NEXT snaps up Russell & Bromley in rescue deal
NEXT has officially purchased British footwear retailer Russell & Bromley in a pre-pack insolvency rescue deal, though the fate of the brand’s high street presence remains unclear. Administrators confirmed that NEXT acquired the family-owned business along with certain other assets, marking the end of an era for the 145-year-old retailer.
The deal comes after Russell & Bromley had worked with Interpath Advisory to secure external financing as part of its five-year turnaround plan, internally known as ‘Re Boot’. A lack of success in raising the necessary capital ultimately made a sale the most viable path forward.
Founded in 1880 in Eastbourne by Elizabeth Russell and George Bromley, the brand has remained family-owned, now led by fifth-generation CEO Andrew Bromley. The retailer operates 36 stores and nine concessions across the UK and Ireland, employing over 450 people. In recent years, the brand sought to modernise its image, appointing Daniel Beadsworth-Shaw as its first Creative Director and featuring actress and singer Billie Piper as the face of its campaigns targeting younger consumers.
The NEXT deal reportedly puts 33 standalone stores and nine concessions at risk of closure. Administrators are exploring options for the remaining stores.
The move mirrors NEXT’s strategy with other high-street acquisitions, such as FatFace, Joules, Cath Kidston, and Seraphine, where the focus is often on brand and intellectual property rather than physical stores.
NEXT has continued to defy wider high street challenges, reporting a 5.9% rise in UK full-price sales for the nine weeks to 27 December, alongside a 38.3% surge in overseas sales. The company now expects pre-tax profits to rise 13.7% to £1.15 billion, with full-price sales up 10.7%, demonstrating the strength of its business model and acquisition strategy.
