The founding family of upmarket footwear retailer Russell & Bromley is feeling the heat of a difficult trading year after it was announced their dividend would be reduced from £14.3 million to £11 million.
The retailer said its revenues fell 4.5 per cent to £115 million last year, forcing the company to cut costs where possible.
This also meant the three owner-directors of the company were paid £1.14 million, a reduction of £30,000 from last year.
Russell & Bromley said in its recently-filed accounts that it planned to scale back dividend payments due to the tougher outlook.
Despite its dip in sales, the retailer has expanded dramatically and still plans to open more shops to add to its network of 40 stores, “provided shop rents are not at uneconomical levels”.
Russell & Bromley is still run by members of the Bromley family, which co-founded the company in Eastbourne, East Sussex in 1880.
It currently employs around 1000 people and its shoes are a favourite of Prime Minister Theresa May.