Russell Smith announces closure

AN OLD established Loughborough firm, Russell Smith and Co, drapers of 33-34 High Street were to close down.

And the directors of Mac Cowards of Cardiff the parent company, mirrored the recent complaints of their Clemerson store counterparts, blaming the Selective Employment Tax as one of the reasons for the closure.

The S.E.T Selective Employment Tax had been introduced by the government and was intended to subsidise manufacturing companies to boost exports.

The manufacturers were entitled to a tax refund, but non-production firms such as Russell Smith and Clemersons were not.

Mr H J Moseley, general manager of Russell Smith, which employed a staff of 27, told the Echo that the firm would close at the end of March.

“We have all been given a month’s notice,” he said. “A closing down sale will start next week.

“The news came out of the blue, said Mr Moseley, who had been connected with the firm for more than 35 years.

He added: “I would like to save the business, but it is early days yet to make a decision. I would like to thank the people who have patronised the shop over the years.

“In some ways it has been like a big family.”

He also added that if he cannot save the firm he was considering opening a shop of his own. He had a particular interest in the fur trade.

Russell Smith were founded in 1912 when Mr Percy Smith took over the draper’s shop of Shelton and Fox. In 1957 they were taken over by Mac Cowards. The previous October their shop, at 4 High Street ,on the opposite side of the road, was closed down and was shortly to house Halfords Ltd, the motor and cycle accessories firm.