Next has acquired British footwear brand, Russell & Bromley, which recently collapsed into administration, for £2.5million.

Next said it had purchased the brand, intellectual property and three of Russell & Bromley’s 36 stores, as well as some existing stock (for which it is paying an additional £1.3million).

In a statement Next said: “This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission – the design and curation of world-class, premium footwear and accessories, for many years to come.”

Next has purchased three Russell & Bromley stores – including the Oxford Street and King’s Road locations in London, as well as its Bluewater Shopping Centre store. Administrators Interpath said it was considering the future of the remaining stores, which currently remain open, as well as nine concession stores which, in total, employ around 400 people.

Andrew Bromley, Chief Executive of Russell & Bromley, said: “Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure [its] future and we would like to thank our staff, suppliers, partners and customers for their support.”

In January, Next announced it expected annual profits to increase to £1.15billion, up £15million on previous guidance, following strong Christmas sales.