Around 400 employees of the well-established shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. Although Next has purchased the Russell & Bromley brand and certain assets, the transaction excludes 33 stores and nine concessions in the UK and Ireland, which will continue to operate while administrators explore potential solutions.
Various scenarios are being considered, ranging from closure to the possibility of another company taking over the operations under the Russell & Bromley brand in collaboration with Next and the current owners. Established in Sussex in 1879, the family-owned Russell & Bromley has a strong British heritage but has encountered challenges in a competitive market, experiencing declining sales and increasing losses.
Andrew Bromley, CEO of the shoe retailer and a family member, stated that after a strategic evaluation with external advisors, the decision was made to sell the Russell & Bromley brand for the best interests of its future. He expressed gratitude to the staff, suppliers, partners, and customers for their support over the years.
In other news, the latest data reveals a 2.5% increase in annual house price growth in November, up from 1.9% in October, with the average house price in the UK reaching £271,000. Additionally, private rents rose by 4% annually to £1,368 in December, showing a slight slowdown from the previous month.
Despite the rise in inflation, which may have deterred a rate cut by the Bank of England, mortgage borrowers can still benefit from more affordable deals. The average two-year fixed mortgage rate has decreased to 4.77%, while the five-year fixed rate remains at 4.87%. Furthermore, there is an increase in the number of mortgage deals available, now totaling 7,306.
Consumer advocate Martin Lewis has advised approximately 14 million mobile customers who are out of contract to seek better deals to avoid potential financial losses. He highlighted the importance of switching providers to benefit from cost savings, emphasizing the negative impact of remaining loyal to a single company.
Moreover, a savings product offering a remarkable 4.55% interest rate has been introduced, described by Martin Lewis as an exceptional opportunity for savers. Despite rising inflation, which reached 3.4% in December due to increased tobacco and airfare costs, this savings option presents a promising avenue for maximizing returns.
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