Next Teams Up with Clearance Specialist for Russell & Bromley Takeover

Introduction to the Deal

Next has teamed up with a clearance specialist to progress its takeover of family-run footwear retailer Russell & Bromley. The FTSE 100 retailer is working with Retail Realisation, a specialist retail consultancy, in its interest in the 145-year-old chain.

Details of the Alliance

Industry sources said the alliance between Next and Retail Realisation underlined Next’s interest in the Russell & Bromley brand rather than its stores or stock. Next’s proposal is one of several likely to be considered by Interpath, which is advising Russell & Bromley in the process.

Next’s Expansion Plans

The retail giant is also pursuing a potential deal for LK Bennett, the fashion brand which filed a notice of intent to appoint administrators last week. Russell & Bromley operates from 37 branches and employs more than 450 people.

History of Russell & Bromley

The company was founded in 1880 when the first Russell & Bromley store opened in Eastbourne. Seven years earlier, George Bromley and Elizabeth Russell, who both came from shoemaking families, married, paving the way for the company’s founding. Russell & Bromley is now run by Andrew Bromley, the fifth generation to hold the reins.

Current Status and Future Plans

Billie Piper, the actress and singer, is the current face of the brand, which is trying to appeal to younger consumers as part of a five-year turnaround plan. In recent years, Next has snapped up brands such as Cath Kidston, Joules and maternity retailer Seraphine at knockdown prices. Next also owns Made.com, the online furniture retailer, and FatFace, the high street fashion brand.

Next’s Performance and Future Outlook

Under veteran chief executive Lord Wolfson, Next has defied the general gloom on the high street to become one of Britain’s best-run companies. This week the company raised its full-year profit forecast after a successful holiday season. Next did not respond to a request for comment, while Retail Realisation declined to comment.