Next teams up with Retail Realisation to buy Russell & Bromley - report

(Sharecast News) - Next has reportedly teamed up with stock clearance specialist Retail Realisation as it pursues a takeover of family-owned shoe retailer Russell & Bromley. Sky News on Friday cited sources as saying that the alliance between them underlined Next's interest in Russell & Bromley's brand rather than its store estate or stock.

Next's proposal is one of a number thought to be under consideration by Interpath, which is advising Russell & Bromley on the process, Sky said.

Next is also pursuing a potential deal for LK Bennett, the fashion brand which filed a notice of intention to appoint administrators last week.

Russell & Bromley trades from 37 stores and employs more than 450 people.

At 1410 GMT, Next shares were up 0.8% at 14,385p.

Earlier this week, the high street retailer lifted full-year guidance on the back of better-than-expected festive trading.