Published: December 17, 2019 | Updated: December 17, 2019
Long-established store group Beales up for sale as strategic review of business gets underway
Store group Beales is up for sale.
The Bournemouth-based business, founded in 1881, has announced a strategic review and the start of a formal sale process under the Takeover Code.
It says it is assessing a number of strategic and financing options open to the company, including a sale.
Beales has 23 department stores in England, including its flagship Bournemouth shop, and one in Scotland.
It was acquired by Tony Brown, Chief Executive Officer, in October 2018 after a management buy-out.
In October this year an “exceptionally challenging” retail climate and several one-off costs saw Beales report a £3.172m pre-tax loss for the year to March 31 on a £48.3m turnover.
In a statement, issued on December 17, Beales said it continued to acclimatise to “the ever-changing landscape and challenges of the retail market”.
It added that investment was sought for a sustainable business model for the future to include:
- Implementation of further central cost saving strategies.
- Focusing on housewares, small domestic appliances, fashion accessories and shoes. All are showing significant sales improvements following a change in strategy launched earlier this year.
- Building on the success of its new Fareham store by exploiting further opportunities to acquire retail sites of a similar format.
The statement said that Beales is not currently in discussions with, or in receipt of an approach from, any potential buyer.
Beales employed a total of 1,148 people during its last financial year, a rise of 53 on the previous 12 months.