Dividend slashed at the Duchess of Cambridge's favoured footwear firm Russell & Bromley by £3.3m

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Firm favourite: Duchess of Cambridge can often be seen sporting Russell & Bromley shoes

Bosses at Russell & Bromley will see their dividend cut after a difficult year.

The footwear retailer saw profit fall 12.5per cent to £16.6million last year, while turnover slipped 4.9per cent to £114.7million. 

The three directors of the firm have seen their total dividend cut from £14.3million to £11million.

But the firm said it was feeling confident for the future despite uncertain conditions.

Russell & Bromley was founded by the Eastbourne-based Bromley family in 1880. 

It now has more than 40 shops and 1,000 employees. 

In 1947 the firm opened its first store in London's Bond Street, which saw the change of business focus to high end retailer. 

In 1968 this was completed by the closure of a quarter of the branches to concentrate on the higher end of the market.