Russell & Bromley, the family-owned shoe retailer, has tapped city advisers to raise external funds in an increasingly competitive business environment.
According to Sky News, the chain, founded in 1880, has appointed Interpath Advisory to help it secure funding from lenders.
The scale of the potential fundraising was unclear Tuesday.
Russell & Bromley operates from 37 stores and employs more than 450 people.
It is currently run by Andrew Bromley, the fifth generation of his family to hold the reins.
Billie Piper, the actress and singer, is the current face of the brand which is trying to appeal to younger consumers as part of a five-year turnaround plan.
In a statement released on Tuesday morning following a Sky News investigation, Mr Bromley said: “We are currently exploring opportunities to help Russell & Bromley move to the next phase of our ‘Re Boot’ vision.
“Since announcing Re Boot earlier this year, we have made significant progress, putting us in a strong position to build on our momentum and continue our journey.
“We look forward to working with our advisory team to secure the investments needed to accelerate our expansion plans.” »
Interpath declined to comment.