Russell & Bromley, the historic British footwear and accessories retailer, has collapsed into administration. The company entered administration on January 21, and fashion and homeware giant Next acquired the brand in a pre-pack administration deal. Companies House currently lists Russell & Bromley Limited as being in administration.
The retailer, known for its premium leather shoes, loafers, boots and handbags, has shut all of its stores apart from three flagship branches, which are now under new ownership.
£37.5m owed to unsecured creditors
According to a progress report compiled by administrators Interpath, Russell & Bromley's unsecured creditors are reportedly owed £37.5 million. The report covers the period between the administration date and July 20.
The report states: "Based on current estimates, we anticipate that unsecured creditors may receive a dividend." The dividend figure is yet to be confirmed and hinges on the "realisation of assets and payment of associated assets".
Creditor claims and expected payments
Ordinary preferential creditor claims stand at around £134,000. The claim from secondary preferential creditor HMRC amounts to £2.8 million. Both creditors are expected to be "paid in full" when it is "reasonably practicable".
The sole secured creditor, NatWest bank, reportedly has no outstanding money owed.
A 150-year history
Russell & Bromley dates back to 1873, when George Bromley joined the Russell shoemaking family. The first shop to trade under the Russell & Bromley name opened in Eastbourne in 1880. Over the decades, the business grew from a traditional shoemaker into an upmarket retailer, establishing a particularly strong presence in London. Its Bond Street store opened in 1947, helping to reinforce its reputation as a luxury British footwear brand. For generations, the company was owned and run by the Bromley family, becoming a familiar name on the British high street.
