Next steps forward with winning bid for Russell & Bromley

Next is closing in on a deal to add Russell & Bromley (R&B) to its stable of brands as another prominent retail name prepares to disappear from the high street.

Paste BN has learnt that the fashion chain and its bidding partner, the stock clearance specialist Retail Realisation, could strike a deal to buy R&B as soon as Wednesday.

People close to the situation cautioned that an agreement had yet to be struck and it remained possible that it could fall apart.

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However, Next and Retail Realisation are understood to have emerged as the clear frontrunners to acquire the 145 year-old family-owned retailer.

Newspaper reports at the weekend suggested that the groups which own fashion brands Bench and Weird Fish were also in the running for R&B.

Paste BN revealed earlier this month that Next had partnered with Retail Realisation on the deal, with a transaction likely to spell the end for the shoe chain's 37 stores.

Next would become the owner of Russell & Bromley's brand, with Retail Realisation, which is affiliated with high street investor Modella Capital, taking charge of a stock liquidation process.

Next has, however, stepped away from pursuing a similar deal for LK Bennett, the fashion brand which filed a notice of intention to appoint administrators this month.

Employing more than 450 people, Russell & Bromley made its debut in 1880 with the opening of its first shop in Eastbourne.

Seven years earlier, George Bromley and Elizabeth Russell, both of whom hailed from shoemaking families, were married, paving the way for the establishment of the business.

Russell & Bromley is now run by Andrew Bromley, the fifth generation of his family to hold the reins.

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Billie Piper, the actress and singer, is the current face of the brand as it tries to appeal to younger consumers as part of a five-year turnaround plan.

In recent years, Next has bought brands such as Cath Kidston, Joules and Seraphine, the maternitywear retailer for knockdown prices.

Next also owns Made.com, the online furniture retailer, and FatFace, the high street fashion brand.

Under Lord Wolfson, its veteran chief executive, Next has defied the wider high street gloom to become one of the UK's best-run businesses.

It recently upgraded its full-year profit forecast after a successful Christmas trading period.

Next did not respond to a request for comment, while Retail Realisation and Interpath, which is advising R&B, declined to comment.