The future of an iconic British high street shoe brand is reportedly at risk. The firm could dissapear from shopping areas as 450 jobs hang in the balance, it is believed. This is amid discussions between two companies to take over the running of Russell & Bromley, which has 37 stores across the UK.
Next is apparently joining forces with Retail Realisation – stock clearance company – to acquire the firm. The Telegraph reports that the former will get the Russell & Bromley brand and intellectual property, whereas the latter is set to oversee the shutting of the shoe-seller’s remaining shops and sale of stock.
Retail Realisation is linked to Modella Capital, an investment firm that recently bought WHSmith, Claire’s and Hobbycraft, it is reported.
Modella is part of the Hay Wain group, which is controlled by the former Touche Ross and RJP accountant and turnaround expert Jamie Constable, The Guardian reported.
His group now includes Retail Realisation.
Next’s purported proposed takeover is said to be one of a number being considered by Russell & Bromley’s adviser Interpath at the moment.
The shoe shop brand is run by Andrew Bromley – the fifth generation of his family to operate it.
Its first store was opened in Eastbourne in 1880 after shoemaking heirs Elizabeth Russell and George Bromley were wed.
The Express has contacted Russell & Bromley, Next, Retail Realisation and Modella Capital for comment.
