True-backed Apparel Brands has emerged as a potential bidder for UK footwear retailer Russell & Bromley, adding another private equity-backed contender to a competitive sale process.

Apparel Brands, which owns fashion labels including Bench, Nicce, and Hype, has not publicly confirmed its interest. However, The Times reported that the Manchester-based group is among parties circling the business alongside other bidders.

The group received backing from private equity firm True in 2023 and has expanded rapidly through brand development and licensing. Sales rose to £47m in the year to mid-2025, up from just over £36m the previous year.

Apparel Brands does not operate its own retail stores, focusing instead on wholesale and licensing. That model has raised questions about the future of Russell & Bromley’s store estate should a deal proceed.

Russell & Bromley appointed Interpath last year to seek funding for a turnaround and assess strategic options. The failure to secure new capital has increased expectations that a sale represents the most likely outcome.

Other bidders are reported to include Auralis, an investment firm led by Weird Fish chief executive David Butler, which is said to be favoured by some members of the founding Bromley family. A transaction outcome is expected in the coming weeks.

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