Beales news and archive

Beales to close all remaining stores as no buyer found

Beales is set to close all its remaining stores after failing to find a buyer for the business. The British department store chain, which began trading in Bournemouth in 1881 and is one of the UK’s oldest, fell into administration last month after struggling with high rents, business rates and poor Christmas trading. Administrators KPMG...

Business

Beales department store to cut 32 head office jobs

Beales, the department store that began trading in Bournemouth in 1881 and has 23 shops, has announced it will cut 32 head office jobs after it entered into administration. The company announced there will be no immediate store closures as the chain hopes to find a suitable buyer for the business. Accountancy firm KPMG said the joint...

Business

Beales, one of UK's oldest department stores, falls into administration

Beales, one of the UK’s oldest department stores, has fallen into administration, putting over 1,000 jobs at risk. The department store, which began trading in Bournemouth in 1881, appointed accountancy firm KPMG as administrator on Monday after it failed to find a buyer or additional funding. The chain’s 23 stores will continue to trade and...

Business

Beales agrees deal with landlords

Department store group Beales has been given a lifeline after its creditors voted in favour of the retailer’s company volunteer arrangement. Beales’ adviser, KPMG, said that 93 percent of creditors voted in favour of the plan that will reduce rents for 11 of its 29 stores, including stores in Rochdale, Bolton, Yeovil and Winchester. KPMG...

Business

Beales seeks rent cuts to avoid closures

Historic department store Beales has filed a company voluntary arrangement (CVA) to the landlords of 14 of its 35 stores to seek a rent reduction of 70 percent so that it can avoid closing the units. Beales claims that it has been hit in recent years by ‘legacy leases’ that it states no longer reflect market value and its proposed company...

Design

Brantano trials concessions in Beales

Footwear retailer Brantano is to open 10 new concessions in department store Beales, as part of the brand’s plans to broaden their network and launch in new high street locations. Brantano, known for selling budget-friendly footwear, will be opening concessions in Peterborough, Rochdale, Spalding, Kings Lynn, Bishop Auckland, Skegness, Bolton,...

Design

Beales hires ex Moss Bros for refinancing plans

Listed department store chain Beales has hired a former Moss Bros finance director Michael Hitchcock as interim finance director to seal a refinancing package. Shares in Beales closed at 24.5p on Friday, valuing the company at £5m. As published by ‘The Independent’, he is helping Beales to renew its £9m working capital facility with HSBC that...

Fashion

Craghoppers' new partnership

Craghoppers, the British outdoor adventure clothing company announced a new concession deal with Beales. Following the agreement, Craghoppers will have concessions in all twelve branches of the department store by the end of January 2009. The concessions will stock the complete AW08 range from Craghoppers including the Bear Grylls survival...

Fashion

Beales No Longer In Talks To Sell

Department store group Beales has seen concerns over its pension liabilities deter potential bidders and confirmed that it has ended talks with a potential bidder for the business. Beales said in February that it had received a preliminary approach. Beales said that those talks did not progress to detailed due diligence or an offer. However, in...

Fashion

Beales In Takeover Bid

Department store group Beales has received a potential takeover approach from an unnamed bidder. The 12-store group confirmed the approach in a statement to the stock exchange following movements in its share price. Beales said that "it has held very preliminary discussions with a third party which may or may not lead to an offer for the...

Fashion

Beales Sees Losses

Regional department store group Beales has reported a fall in sales and profits after a year of "intense competition, price deflation and more cautious consumer spending in a very competitive high street". In the year to October 30 2004, Beales saw turnover fall 5.5 per cent to £65.3m, with pre-tax profit down to £0.26m from £1.08m. Gross sales...

Fashion

Beales To Face Challenging Year

Department store operator Beales is having trouble spotting light at the end of the tunnel in a tough UK market which has puts its core upmarket customers under pressure. The Bournemouth based group, which operates 12 regional stores, said it is facing another 'challenging year' as it reported a like-for-like sales decrease of 4.5 per cent in...