Published: December 17, 2019 | Updated: 17th December 2019
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:
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.