Beales, one of Britain’s oldest department store chains, has gone in to administration putting more than 1,000 jobs at risk. KPMG has been appointment as administrator, and the 23 stores will continue to trade will all staff retained as specialists access options for the business.
Will Wright, partner at KPMG and joint administrator, said: “For over 100 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. 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.”
The news come after it was revealed 2019 was the worst year on record for British retail, according to the British Retail Consortium and KPMG, with sales falling for the first time in 24 years. Beales reported a loss of £3.1m last year, up from £1.3m for the year earlier. Founded in 1881, the Bournemouth-based retailer sells brands including Phase Eight, Tommy Hilfiger and Hobbs.
