Recent news that Next was eyeing an acquisition of Russell & Bromley has been added to with reports that it has teamed up with a stock clearance specialist and that the premium footwear chain’s stores could disappear from the high street.
John Lewis/Russell & Bromley
The company is reportedly working with Retail Realisation on its offer for the retailer, a fact that reinforces Next’s interest in the IPR rather than the physical business.
Retail Realisation is a liquidation with links to Modella Capital, the company that controls TOFS and Claire’s UK, both of which are said to be in danger of administration filings.
Not that Next is a shoe-in as the new owner with its proposal said to be one of a number currently being considered by Russell & Bromley’s adviser Interpath.
Acquisition-hungry Next is also believed to be looking at a takeover deal for another key name in UK footwear, the distressed LK Bennett business.
Sky News cited “industry sources” saying the link-up between Next and Retail Realisation underlined its “interest in Russell & Bromley’s brand rather than its store estate or stock”.
Family-owned Russell & Bromley currently trades from 37 stores and employs more than 450 people. It’s run by fifth-generation family member Andrew Bromley and has Billie Piper as the face of the brand.
If Next bought only the IPR, it would leave the stores without the right to carry the Russell & Bromley name, reports said.
None of the parties involved have commented so far.
