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, it does not include 33 stores and nine concessions in the UK and Ireland, which will continue to operate as administrators explore potential options.
The potential outcomes range from closure to another company taking over the operations under the Russell & Bromley brand in collaboration with Next and store owners. Established in Sussex in 1879, the family-owned Russell & Bromley prides itself on its British heritage. However, the company has been struggling in a highly competitive market, experiencing declining sales and widening losses.
Andrew Bromley, the company’s chief executive and a family member, explained that after a strategic review with external advisors, they made the tough decision to sell the brand as the best course of action to secure its future. He expressed gratitude to the staff, suppliers, partners, and customers for their ongoing support.
In other news, beauty brand Malin + Goetz has gone into administration, resulting in the closure of its seven UK stores, impacting more than 70 jobs. While online orders have been temporarily halted, customers can still purchase Malin + Goetz products through third-party retailers such as Liberty, John Lewis, and Space NK.
Meanwhile, struggling supermarket chain Morrisons reported a £381 million loss last year due to tough competition and substantial debts. Despite reducing its debt burden, the company still owes over £3.1 billion, leading to significant interest payments. Morrisons is also striving to maintain its market share amidst the threat of losing its position as the fifth-largest grocer in the UK to Lidl.
Furthermore, Nationwide building society has announced plans to extend super-size mortgages to a larger number of borrowers, allowing up to six times income for new and existing customers at up to 95% loan-to-value. The eligibility criteria include minimum annual income requirements for new customers, while existing Nationwide customers moving homes may benefit from more flexible terms.
Lastly, personal finance expert Rajan Lakhani advises setting up an “autosave” rule on banking apps to potentially save £1,164 per year. Popular digital banks offering autosave features include Monzo, Starling, Revolut, and Chase. This simple tactic can help individuals build substantial savings over time.