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 acquired the Russell & Bromley brand and certain assets, the deal excludes 33 stores and nine concessions in the UK and Ireland, which will continue operations as administrators explore future options.
Various scenarios are possible, ranging from closure to potential management under the Russell & Bromley brand if a suitable agreement can be reached with Next and store owners. Established in Sussex in 1879, the family-owned Russell & Bromley emphasizes its British heritage but has encountered challenges in a competitive market, experiencing declining sales and increasing losses.
Andrew Bromley, the shoe chain’s CEO and a family member, explained that after a strategic evaluation with external advisors, the decision was made to sell the Russell & Bromley brand to ensure its future. He expressed gratitude to staff, suppliers, partners, and customers for their longstanding support.
In other news, beauty brand Malin + Goetz has entered administration, resulting in the closure of its seven UK stores, impacting over 70 jobs. The brand’s online ordering has been temporarily halted, directing customers to purchase products through third-party retailers like Liberty, John Lewis, and Space NK.
Meanwhile, supermarket chain Morrisons reported a loss of £381 million last year due to intense competition and significant debts. Despite reducing its debt load by 10% in the past year, the company still owes over £3.1 billion, incurring substantial interest payments. Morrisons remains focused on cost-cutting measures and maintaining its market position against competitors like Lidl.
Additionally, Nationwide Building Society has expanded eligibility for larger mortgages, offering up to six times income for new and existing customers moving home or remortgaging at up to 95% loan-to-value. The society aims to provide more flexibility to borrowers amidst rising house prices, although concerns about increased debt levels persist.
Personal finance expert Rajan Lakhani recommends setting up an “autosave” rule on banking apps to potentially save £1,164 annually. By utilizing auto-saving tools, individuals can accumulate significant savings throughout the year, especially if the funds are placed in high-interest accounts. Popular digital banks like Monzo, Starling, Revolut, and Chase offer auto-saving features to assist customers in managing their finances efficiently.
Furthermore, Martin Lewis advises mobile phone customers out of contract to seek better deals to avoid overspending on outdated tariffs. Switching providers can lead to substantial savings, with loyal customers often paying higher rates compared to those who regularly review and update their contracts.
Lastly, UK inflation rose to 3.4% in December, primarily driven by increased tobacco and airfare costs. Higher tobacco duties and seasonal airfare hikes contributed to the inflation uptick, marking the first rise in the headline rate in five months.