Around 400 employees at the renowned footwear retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. While Next has purchased the Russell & Bromley brand and certain assets, it excludes 33 stores and nine concessions across the UK and Ireland, which will continue operations as administrators explore future options.
Founded in Sussex in 1879, the family-run Russell & Bromley has struggled in a competitive market, experiencing declining sales and increasing losses. The Chief Executive, Andrew Bromley, expressed that the decision to sell the brand was made after a strategic review with external advisors to secure its future. He extended gratitude to staff, suppliers, partners, and customers for their longstanding support.
In other business news, beauty brand Malin + Goetz has entered administration, leading to the closure of its seven UK stores. Online orders have been temporarily suspended, directing customers to purchase products through third-party retailers like Liberty, John Lewis, and Space NK.
Meanwhile, supermarket chain Morrisons faced a loss of £381 million in the past year due to fierce competition and significant debts. Despite reducing its debt, the company still owes over £3.1 billion, resulting in substantial interest payments. Morrisons’ Chief Executive, Rami Baitiéh, emphasized the commitment to delivering value to customers while urging against further tax rises.
Nationwide building society plans to increase mortgage eligibility, offering loans up to six times income at up to 95% loan-to-value for new and existing customers. This adjustment aims to assist borrowers amid rising house prices, although concerns about increased debt persist.
Financial expert Rajan Lakhani recommends setting up an “autosave” rule on banking apps to maximize savings potential. By utilizing auto-saving tools, individuals can accumulate significant savings over time, with popular digital banks like Monzo, Starling, Revolut, and Chase offering such features.
In the housing market, annual house price growth rose by 2.5% in November, while average UK monthly private rents increased by 4% to £1,368. Despite inflation reaching 3.4% in December, mortgage borrowers can benefit from competitive rates, with the average two-year fixed mortgage rate down to 4.77%.
Consumer advocate Martin Lewis advises mobile customers out of contract to seek better deals to avoid overpaying. He highlights the importance of switching providers to benefit from cost savings in an evolving market.
Lastly, UK inflation climbed to 3.4% in December, driven by higher tobacco and airfare prices. This increase marked the first rise in the headline rate in five months, attributed to the rise in tobacco duty and seasonal airfare costs.