Department store Beales of Wisbech collapses into administration
PUBLISHED: 16:57 21 January 2020 | UPDATED: 16:57 21 January 2020
Department store Beales of Wisbech has collapsed into administration.
It was announced that KPMG had been appointed as administrators after failing to find a buyer or new investment for the business.
There will be no immediate closures and Beales stores across Cambridgeshire and Peterborough will continue to trade.
Beales had tried to secure rent reductions with landlords and was in negotiations with potential investors and buyers.
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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.
KPMG's Will Wright, who is the joint administrator to Beales, said: "With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.
"Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including dealing with prospective interested parties."
He said added that during this period gift vouchers, customer deposits and customer returns/refunds will continue to be honoured.