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Retailer Next has acquired the Russell and Bromley brand and intellectual property for £2.5m in cash via a pre-pack insolvency process.
Additionally, £1.3m is being paid for a portion of the current Russell and Bromley stock.
The transaction includes the transfer of three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre. The footwear brand was founded in 1879 and currently employs approximately 440 people.
A total of 33 stores and nine concessions were not included in the sale. These locations will continue to trade while joint administrators assess further options.
The deal follows a strategic review by the Sussex-based company, which specialises in footwear and accessories. Russell and Bromley trades from 36 stores across the UK and Ireland. The sale was overseen by Will Wright and Chris Pole from Interpath.
For the 33 stores not included in this transaction, the administrator has appointed Retail Realisation to manage the sale of the remaining stock.
Andrew Bromley, chief executive of Russell and Bromley, said: “Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell and 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.”
Will WrightInterpath UK chief executive of Interpath, added: “Across its 147-year history, Russell and 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 craftsmanship 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.”
