Beales in sales talks to avoid administration

Tue, 14 Jan 2020 | ADMINISTRATION

Department store chain Beales is in talks with two potential buyers as it looks to avoid entering administration.

Beales CEO and owner Anthony Brown confirmed that the company was in talks with a venture capital firm and a rival retailer over a potential sale. The company hopes to either confirm a sale this week or explore other options, once of which could be administration. It is also in rent reduction talks with landlords.

The retailer last month appointed KPMG to conduct a strategic review of the business and to explore financing options. Last week, it filed notice of intent to appoint administrators, providing it with 10 days’ protections from its creditors.

Beales is one of the UK’s oldest department store chains, having begun trading in 1881. It employs over 1,000 staff and operates from 22 stores across the UK.

Brown acquired Beales in an MBO in October 2018. For the year ending March 2019, the retailer saw its pre-tax losses more than double to £3.2 million, from £1.5 million the year before. Its sales saw a slight decline from £48.7 million to £48.3 million, leaving it with net debts totalling £15.8 million.

Brown said that Beales had suffered from difficult trading conditions and the “lunacy” of high business rates, but added: “We are confident that we have a solution for the business that will create a stronger if leaner Beales.”

“We hope to have a stronger business at the end of the process. I can’t predict which stores will stay and which stores won’t because it all depends on landlords and local government.”

“We’re going through a process and we hope to be able to restructure the business for a profitable future.”

Share this article

Latest Businesses for Sale

Discount Shop & Supermarket
Stockport, Manchester, North West, UK

Popular Woodley precinct on busy main road location. Presently run under management. Large premises with free parking for three vehicles. Offers invited.

Asking Price: £99,995
Turnover: £346,411

Tool Supplier
Lancashire, UK Wide

The business for sale is a well-established retail company specialising in a wide range of tools and hardware, located in-store in Lancashire, or online on a personal e-commerce platform. Great reputation in the industry amongst tradesmen Built up a...

Asking Price: £229,950
Turnover: £815,348


Independent Double Glazing Business
Gwent, Wales, UK

Long established sales and installation specialist offered for relocation supplying premium quality double-glazed building features with impressive reputation & repeat & referral client base. Offers invited.

Asking Price: £175,000
Turnover: £375,371


View more businesses for sale

News Search

Latest News


Frankie & Benny’s owner to permanently close 120 restaurants | BUSINESS NEWS

The Restaurant Group, which owns chains including Frankie & ...


28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE

28 Oddbins stores will remain open after the off-licence ret...


Topps Tiles agrees sale and leaseback of HQ and warehouses | COMMERCIAL PROPERTY

Tile retailer Topps Tiles has agreed the £18.1 million...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Related News


Owner of enters administration | ADMINISTRATION

Joe Media Limited, the UK parent company of social news webs...


Byron Burger owner seeks to sell chain | BUSINESS SALE

Three Hills Capital Partners, the majority shareholder of re...


Central Building Contractors goes into administration | ADMINISTRATION

Glasgow-based Central Building Contractors has gone into adm...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources