This ad will be closed automatically in X seconds.

Department store Beales enters administration

One of Britain’s oldest department stores Beales has entered administration, putting 1,300 jobs at risk. KPMG was named as administrator yesterday morning following a board meeting.

Last week the retailer – which has 23 stores across the UK – filed a notice of intent to appoint an administrator, while also holding a number of unsuccessful talks with the aim of finding a buyer.

There have been no closures yet, with all stores expected to remain open during the administration process. The store’s website is currently offline, however.

Will Wright, partner at KPMG and joint administrator, said: “For over a hundred years, Beales has been a stalwart of the high street in market towns up and down the UK, but like countless similar retailers, has found trading in recent times to be incredibly tough.”

He continued: “With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.”

In the financial year ending March 2019, Beales’ losses had almost doubled to £3.1m. The company’s slump into administration comes after it was revealed that 2019 was the worst on record for British retail.

MORE NEWS
kid500
 
Nursery stalwart will be coming on board as regional sales manager for the north....
harrogate500
 
HINF exhibitors have joined forces to help put on an industry party at this year's show....
NickUtku500x500
 
First to launch is a dedicated Toys & Games report in March....
diono500
 
Diono's Tim Maule shares his perspective on what makes the American baby product company so special....
PaddingtonTVnew500x500
 
Copyrights confirms new TV tie-in partners across key categories in the territory....
NotNowBernard500x500
 
Charity partnership with Action For Children leads anniversary plans....
Get the latest news sent to your inbox
Subscribe to our daily newsletter