Wed, 13 Apr 2011 | BUSINESS SALE
The future of some of the Westgate chain of department stores is set to be secured in a deal currently underway with a fellow major department store operator, thought to be in the range of £7.5 million.
The 19 stores across the UK that operate under the Westgate brand are being sold by their current owners, Anglia Co-operative Society, to the Bournemouth-based JE Beale chain of stores, which already operates 13 stores throughout the country.
The chief executive for Anglia Co-operative, John Chillcott, said that the transaction would mean a secure and exciting time ahead for the stores and all their employees.
"In difficult times the society is pleased to have secured the future of the Westgate Department stores and anticipates minimal disruption and change for customers both during and after the transaction," he explained, lauding the pedigree that Beales will bring to the chain.
He said that Beales is a long-established department store operator, with enviable experience and renown, and that combining the respective store portfolios into one enlarged group made strong commercial sense for both parties. He added that it would also improve the job security for the 900 people currently employed at Westgate stores.
The transaction is expected to be completed by the end of May.
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