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

High Street Fashion giant Next has snapped up luxury footwear business Russell & Bromley from administration in a rescue deal.

Next announced it paid £2.5m to acquire the 145-year-old family-owned shoe retailer through an insolvency process. Under the deal, Next owns the Russell & Bromley brand and intellectual property.

Money blog: Interest rates 'will fall more than markets think' Russell & Bromley currently runs 36 stores and nine concessions across the UK and Ireland, employing around 440 people. However, Next said it will only retain three of its shops - in Chelsea, Mayfair and the Bluewater Shopping Centre - as part of the deal.

It means the future of 33 Russell & Bromley shops and an additional nine concessions remains uncertain, as are the jobs associated with them. Administrators for Russell & Bromley said they are still exploring options for the other sites, which continue trading.

Shoppers can expect to see some Russell & Bromley shoes on sale in Next - the retailer said it was paying £1.3m for some Russell & Bromley stock. Next said in a statement: "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." 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 the future for the brand, and we would like to thank our staff, suppliers, partners and customers for their support throughout our history." Read more from Sky News:Inside the new breed of 'zero bills' homesMicrosoft clicks on F1 grid with new Mercedes dealReeves: UK will not be 'buffeted around' by Trump tariffs In recent years, Next has bought brands such as Cath Kidston, Joules and Seraphine - the maternity wear retailer, for knockdown prices.

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