Around 400 employees at the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. Although Next has purchased the Russell & Bromley brand and certain assets, the deal excludes 33 stores and nine concessions in the UK and Ireland, which will remain operational as joint administrators explore potential options.
The possible outcomes range from closure to the potential of another company taking over the stores under the Russell & Bromley brand, if an agreement can be reached with Next and store owners. Established in 1879 in Sussex, the family-owned Russell & Bromley has been impacted by a competitive market, seeing a decline in sales and increased losses.
Andrew Bromley, the chief executive and a family member, remarked, “Following a strategic review with external advisers, we have made the difficult decision to sell the Russell & Bromley brand. This decision ensures the brand’s future, and we express gratitude to our staff, suppliers, partners, and customers for their ongoing support.”
In other news, beauty brand Malin + Goetz has entered administration, resulting in the closure of its seven UK stores, affecting over 70 jobs. While online orders are temporarily suspended, customers can still purchase Malin + Goetz products through third-party retailers like Liberty, John Lewis, and Space NK.
Meanwhile, struggling supermarket chain Morrisons reported a £381 million loss last year due to intense competition and significant debts. Despite a reduction in owed amounts, the company’s debt remains over £3.1 billion, leading to another annual loss. Morrisons is also working to retain its market share amid potential challenges from competitors like Lidl.
In the financial sector, Nationwide building society has expanded eligibility for super-size mortgages, offering up to six times income at up to 95% loan-to-value. While the move benefits borrowers, concerns arise about managing larger debts in a rising house price environment.
Personal finance expert Rajan Lakhani recommends setting up an “autosave” rule on banking apps to maximize savings potential, with the average worker saving £97 monthly using auto-saving tools. Digital banks like Monzo, Starling, Revolut, and Chase offer such features for convenient saving options.
Consumer advocate Martin Lewis advises mobile customers to explore better deals when out of contract, emphasizing the potential savings by switching providers. Additionally, he praises a high-yield savings product offering a competitive interest rate.
UK inflation rose to 3.4% in December, driven by increased tobacco and airfare prices. The uptick marks the first rise in headline rate in five months, with factors like tobacco duty and holiday airfare contributing to the inflation hike.