Around 400 employees at 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 transaction excludes 33 stores and nine concessions in the UK and Ireland, which will remain operational as administrators explore future options.
Established in Sussex in 1879, Russell & Bromley has a rich heritage but has struggled in a competitive market, experiencing declining sales and widening losses. Andrew Bromley, the CEO and a family member, expressed that the decision to sell the brand was made after a strategic review to ensure the brand’s future, acknowledging the support of staff, suppliers, partners, and customers.
In other news, beauty brand Malin + Goetz has gone into administration, resulting in the closure of its seven UK stores and impacting over 70 jobs. While online orders are currently paused, customers can still purchase products through third-party retailers like Liberty, John Lewis, and Space NK.
Meanwhile, Morrisons, the supermarket chain, reported a £381 million loss last year due to intense competition and substantial debts. Despite efforts to reduce debt, the company still owes over £3.1 billion, leading to another annual loss. Morrisons is also striving to maintain its market share amidst fierce competition, with the risk of being overtaken by Lidl as the fifth largest grocer in the UK.
Additionally, Nationwide building society has expanded eligibility for super-size mortgages, allowing borrowers to access up to six times their income at up to 95% loan-to-value. New income thresholds have been set for both new and existing customers, with no minimum income requirements for existing customers moving to a new home.
In the personal finance realm, experts recommend setting up an “autosave” rule on banking apps to maximize savings potential. By utilizing auto-saving tools, individuals can potentially save £1,164 annually, with popular digital banks like Monzo, Starling, Revolut, and Chase offering convenient features.
Consumer advocate Martin Lewis advises mobile customers to seek better deals if they are out of contract, emphasizing the savings gained by switching providers. He also highlighted a high-yield savings product offering a competitive rate of 4.55%, signaling a lucrative opportunity for savers.
Lastly, UK inflation rose to 3.4% in December, driven mainly by increased tobacco and airfare prices. The Office for National Statistics attributed the uptick to higher tobacco duty and seasonal airfare costs during the holiday period, marking the first rise in the headline rate in five months.