More than 400 jobs at risk after Next buys shoe chain Russell & Bromley

High Street Fashion elephantine Next has snapped up luxury footwear concern Russell & Bromley from medication successful a rescue deal.

Next announced it paid £2.5m to get the 145-year-old family-owned footwear retailer done an insolvency process.

Under the deal, Next owns the Russell & Bromley marque and intelligence property.

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Russell & Bromley presently runs 36 stores and 9 concessions crossed the UK and Ireland, employing astir 440 people.

However, Next said it volition lone clasp 3 of its shops - successful Chelsea, Mayfair and the Bluewater Shopping Centre - arsenic portion of the deal.

It means the aboriginal of 33 Russell & Bromley shops and an further 9 concessions remains uncertain, arsenic are the jobs associated with them.

Administrators for Russell & Bromley said they are inactive exploring options for the different sites, which proceed trading.

Shoppers tin expect to spot immoderate Russell & Bromley shoes connected merchantability successful Next - the retailer said it was paying £1.3m for immoderate Russell & Bromley stock.

Next said successful a statement: "This acquisition secures the aboriginal of a much-loved British footwear brand.

"Next intends to physique connected this bequest and supply the operational stableness and expertise to enactment Russell & Bromley's adjacent chapter, allowing it to instrumentality to its halfway mission: the plan and curation of world-class, premium footwear and accessories for galore years to come."

Andrew Bromley, main enforcement of Russell & Bromley, said: "Following a strategical reappraisal with outer advisers, we person taken the hard determination to merchantability the Russell & Bromley brand.

"This is the champion way to unafraid the aboriginal for the brand, and we would similar to convey our staff, suppliers, partners and customers for their enactment passim our history."

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In caller years, Next has bought brands specified arsenic Cath Kidston, Joules and Seraphine - the maternity deterioration retailer, for knockdown prices.

Next besides owns Made.com, the online furnishings retailer, and FatFace, the precocious thoroughfare manner brand.