Next Acquires Russell & Bromley Brand After £59 Million Collapse

The luxury footwear and handbag retailer Russell & Bromley collapsed into administration earlier this year after accumulating debts exceeding £59 million. The company, established in 1873, suffered £20 million in losses over two years and attempted to sustain operations by selling multiple properties.

In January 2026, Next acquired the brand and selected assets for £2.5 million through a pre-pack insolvency procedure. As part of the acquisition, Next retained only three stores—two in London and one in Stone—which led to the closure of 40 other locations and the loss of 400 jobs.

The collapse reflects a wider trend of increasing business failures in the United Kingdom. According to the Insolvency Service, 151 businesses entered administration in January 2026, marking a 14% increase compared to January 2025. This surge is attributed to high operating costs, rising wages, and diminished consumer spending.