Around 400 employees of the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. While 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 remain operational as administrators evaluate potential options. Possibilities range from closure to a new management arrangement involving Next and the current store owners.
Established in Sussex in 1879, Russell & Bromley, a family-owned business, emphasizes its British heritage. Despite this, the retailer has struggled in a competitive market, experiencing declining sales and increasing losses. Andrew Bromley, the shoe chain’s CEO and a family member, stated, “After a strategic review with external consultants, we have made the tough choice to sell the Russell & Bromley brand. This decision is aimed at securing the brand’s future, and we express gratitude to our staff, suppliers, partners, and customers for their longstanding support.”
In other news, beauty brand Malin + Goetz has filed for administration, leading to the closure of its seven stores in the UK. Although online orders are temporarily suspended, customers can still purchase Malin + Goetz products from select retailers such as Liberty, John Lewis, and Space NK.
Meanwhile, Morrisons, a struggling supermarket chain, reported a £381 million loss in the previous year due to intense competition and substantial debts. Despite a decrease in overall debt and interest payments, the company remains indebted, facing challenges in maintaining its market share against competitors like Lidl.
Nationwide building society has announced an extension of eligibility for larger mortgages, allowing borrowers to secure loans up to six times their income at up to 95% loan-to-value. New applicants must meet specific income requirements, while existing Nationwide customers may benefit from more flexible terms.
Moreover, personal finance expert Rajan Lakhani recommends setting up an “autosave” rule on banking apps to maximize savings potential. By utilizing auto-saving tools, individuals could save an average of £97 per month, accumulating substantial savings over time. Popular digital banks offering this feature include Monzo, Starling, Revolut, and Chase.
In the housing market, annual house price growth increased by 2.5% in November, with the average UK house price reaching £271,000. While inflation rose to 3.4% in December, mortgage borrowers can still benefit from competitive rates and an expanding range of mortgage deals.