Russell & Bromley sale could mean closure of its high street shops

For more than a century, the Bromley family has guarded Russell & Bromley as one of Britain’s last upmarket, family-run shoe retailers. Now, after five generations in control, they are reluctantly being pushed towards a sale that they never wanted.

The brand, which counts the Queen, the Princess of Wales and Baroness May of Maidenhead among its fans, has been faced with mounting cash pressures forcing the family to weigh up multiple bids for the business, with a deal potentially completing as soon as next week.

• Russell & Bromley family split over sale as rival bidders circle

Queen Camilla wore boots by the brand to a church service this year

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Sources said that Next, which is said to be exploring a full acquisition or investment, has partnered with Retail Realisations, the clearance specialist and sister company of Hobbycraft owner Modella Capital.

A deal would add to Next’s growing portfolio of acquired brands, including Joules and FatFace, but would probably lead to the closure of Russell & Bromley’s 37 high street stores and put the future of its 450 employees at risk.

However, The Times understands that it is “not a done deal”, with several other unnamed bidders still in contention, including private equity firms.

Russell & Bromley was founded when George Bromley, a shoemaker, married Elizabeth Russell, his employer’s daughter, and the first store opened in 1880 in Eastbourne.

Famous fans of the brand include Queen Camilla, who wore black suede knee-high boots to a church service only a couple of weeks ago. The Princess of Wales has also been a long-term customer, wearing Russell & Bromley wedges in 2013 to a charity volleyball event.

Baroness May’s heels

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May, the former prime minister, once famously wore a pair of leopard print kitten heels from the brand to the Conservative Party conference. She has also been spotted in black knee-high boots from the retailer.

Since its beginnings almost 150 years ago, the brand has been family-run and resisted outside ownership. However, after struggling to raise the investment needed to support a five-year turnaround plan, the Bromleys are understood to have little choice but to consider selling the company.

Russell & Bromley, currently run in the fifth generation by Andrew Bromley, has faced financial difficulties since the pandemic, including weak consumer demand and inflation, and was last profitable in 2019.

Turnover fell 7.18 per cent to £62.9 million in the year to the end of December 2023, while losses widened to £1.4 million, compared to a loss of £103,000 the prior year.

The Princess of Wales wearing Russell & Bromley wedges

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The retailer described it as “a difficult year with a challenging consumer environment in the UK. A decline in consumer confidence has led to a reduction in traffic to stores and e-commerce platforms, in line with reported figures received from our peers.”

The company sold its head office in Bromley to an “independent third party” in 2024 and moved to Kingly Court, London, to help it stump up additional funds. It had not paid a dividend to its owners over the past few years.

Russell & Bromley has partially blamed its woes on a “challenging consumer environment”

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It also failed to file its most recent financial accounts to Companies House, which were due on December 24.

Last autumn Russell & Bromley revealed Billie Piper, the actress and singer, as the first campaign face of the brand in its history as it tried to appeal to younger consumers.

Russell & Bromley, its adviser ­Interpath, Modella Capital, Next and Retail Realisations were contacted for comment.