The shoe retailer owes £37.5m to unsecured creditors
According to its joint administrators at Interpath, Russell & Bromley owes £37.5 million to unsecured creditors, following its administration in January 2026.
Interpath noted that “based on current estimates, we anticipate that unsecured creditors may receive a dividend”.
They added that it had not yet actualised how much would be paid out and that this depended on remaining assets being realised.
It outlined that the company’s only secured creditor, NatWest bank, had nothing outstanding, as the bank offset the £2.1 million it was owed against money held in a Russell & Bromley bank account after the administration appointment.
The claims for employees, who are classes as ordinary preferential creditors, are estimated at £134,000 and expected to be paid out in full.
So to it its secondary preferential creditor HMRC, which is to receive full payment against a claim of approximately £2.8 million.
The joint administrators, Interpath, had incurred £4.34 million in time costs by 20 July, covering 5,148 hours at an average hourly rate of £843. The administrators had not drawn remuneration during the reporting period and are seeking creditor approval for their fee basis.
The revised estimate for administration expenses totals £16.24 million. Remaining recovery work includes marketing three long-leasehold properties, pursuing business-rates repayments and recovering funds retained by payment providers.
Russell & Bromley’s administration followed an EBITDA loss of £12.1 million in the 11 months to November 2025.
