Russell & Bromley, the family-owned shoe retailer, has drafted in City advisers to raise external funding amid an increasingly competitive high street trading environment.
Sky News understands that the chain, which was founded in 1880, has appointed Interpath Advisory to help secure financing from lenders.
The size of the potential fundraising was unclear on Tuesday.
Russell & Bromley trades 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 as it tries to appeal to younger consumers as part of a five-year turnaround plan
In a statement issued following an enquiry from Sky News on Tuesday morning, Mr Bromley said: “We are currently exploring opportunities to help take Russell & Bromley into the next phase of our ‘Re Boot’ vision.
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“Since the announcement of the ‘Re Boot’ earlier this year we have made significant progress, positioning us well to build on our momentum and continue along our journey.
“We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”
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Interpath declined to comment.
