"Difficult decision" - Russell & Bromley sold to Next with Gunwharf outlet store at risk of closure
A popular Gunwharf shoe shop is at risk of closure after the company was bought by Next after it fell into administration.
The chief executive of Russell & Bromley, Andrew Bromley, confirmed that they had made the “ difficult decision” to sell the brand in order to secure its future with Next paying £2.5 million. Alongside owning the brand, Next also purchased three of its shops which leaves 33 stores across the UK, and most of its staff, with an uncertain future.
This includes the Gunwharf outlet branch with the administrators, Interpath UK, advising that they are weighing up the options for the remaining stores.
Next confirmed the purchase 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."
Will Wright, Interpath UK chief executive, 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."
The three stores acquired by Next are based in London with the future of Russell & Bromley shops in Chelsea, Mayfair and Kent now assured. It has also purchased £1.3million worth of stock.
The popular shoe shop and accessories brand was founded in Sussex in 1879 and had around 440 employees before collapsing into administration.
Andrew Bromley said: "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."
The 33 stores at risk remain open at this time.