Published: January 24, 2020 | Updated: January 24, 2020
Sad day as Beales – one of Bournemouth’s best-loved retailers – calls in administrators
Beales, one of Bournemouth’s best loved retailers, has gone into administration.
KPMG were today, January 20, appointed administrators for the 139-year old retailer.
The store group will continue trading but ‘closing down’ signs will appear in its windows.
The Board decision places a question-mark over the future of more than 1,100 jobs.
Beales has 22 department stores in England, including its flagship Bournemouth shop.
It was acquired by Tony Brown, Chief Executive Officer, pictured left, in October 2018 in a management buyout,
Last October 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.
Beales employed a total of 1,148 people during its last financial year, a rise of 53 on the previous 12 months.
- Flashback: ‘Do I think Beales has a future? I’d hardly have bought the company if that wasn’t the case’. Read our October 2019 interview with Mr Brown here.