Department store Beales collapses into administration

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Beales

One of Britain’s oldest department stores has collapsed into administration, putting more than 1,000 jobs were at risk.

Beales has appointed KPMG as administrators after failing to secure a sale.

The department story began trading in Bournemouth in 1881 and has 22 shops.

It is understood that there will be no immediate closures and Beales stores will continue to trade.

In the year to March 2019, Beale Ltd reported a loss of £3.1m, up from £1.3m for the year earlier as costs swelled and sales dipped.