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 purchased the Russell & Bromley brand and certain assets, the transaction excludes 33 stores and nine concessions in the UK and Ireland. These locations will continue operating as joint administrators explore potential solutions.
Several scenarios are being considered, ranging from closure to potential management under Russell & Bromley by a different company in collaboration with Next and store proprietors. Established in Sussex in 1879, the family-owned Russell & Bromley has emphasized its British heritage. However, the retailer has encountered challenges in a competitive market, experiencing declining sales and widening losses.
Andrew Bromley, the shoe chain’s CEO and a family member, explained the decision to sell the brand after a strategic review with external advisors. He expressed gratitude to staff, suppliers, partners, and customers for their longstanding support.
In another development, beauty brand Malin + Goetz has entered administration, leading to the closure of its seven stores in the UK. The company’s online orders have been temporarily suspended, redirecting customers to third-party retailers like Liberty, John Lewis, and Space NK.
Morrisons, a struggling supermarket chain, reported a £381 million loss last year due to intense competition and substantial debts. Despite a decrease in borrowings, the company still owes over £3.1 billion, resulting in significant interest payments. Morrisons aims to maintain its market share amidst challenges, including a potential threat from Lidl.
Nationwide building society has expanded eligibility for larger mortgages, offering up to six times income for new and existing customers. This adjustment aims to assist borrowers amid evolving housing market conditions, although concerns exist regarding increased debt burdens.
Financial experts recommend setting up an “autosave” feature on banking apps to boost savings potential. By utilizing such tools, individuals can accumulate substantial savings over time, with average contributions amounting to £97 monthly in 2025.
In the housing sector, annual house price growth rose by 2.5% in November, with the UK average reaching £271,000. Rental prices also increased by 4%, while mortgage rates experienced a slight decline, providing opportunities for borrowers to secure favorable deals.
Consumer advocate Martin Lewis advises mobile phone customers to seek better deals, especially if they are out of contract. Loyalty to a provider may result in higher costs, emphasizing the importance of exploring competitive offers in the market.
Lastly, UK inflation climbed to 3.4% in December, driven by increased tobacco and airfare expenses. The rise marks a significant uptick after five months of stability, reflecting changing economic conditions and consumer spending patterns.