Next has purchased shoe retailer Russell & Bromley in a pre-pack administration deal, reportedly leading to the closure of 33 stores and nine concessions. 

The acquisition, which is subject to court approval of administrators later today (21 January), includes the brand and intellectual property of Russell & Bromley for £2.5m in cash, according to Next.

Additionally, £1.3m is being paid for a portion of the current Russell & Bromley stock.

As part of the transaction, Russell and Bromley’s Oxford Street and King’s Road, London stores and Bluewater Shopping Centre, Kent site are being transferred to Next under license.

The acquisition “secures the future of a much loved British footwear brand,” Next said. 

The fashion giant added that it intended to “build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter”.

For the 33 Russell & Bromley stores not included in this transaction, the administrator has appointed financing advisory firm Retail Realisation to manage the sale of its remaining stock.

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