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Beales looks to secure funding

BealesDepartment store chain Beales has put itself up for sale as it looks to secure funding to ‘deliver a sustainable business model.’

The 138-year old chain has 22 stores with 1,300 employees and a further 300 concession staff.

It says it has hired KPMG to begin a strategic and financial review as it ‘continues to acclimatise to the ever-changing landscape and challenges of the retail market.’

A revamp of ranges earlier this year had brought ‘significant sales improvements’ and it also wants to look at buying sites to expand a format that has seen early successes in its new Fareham branch.

Anthony Brown, Beales chief executive bought the company from Andrew Perloff, chairman of property firm Panther Securities, and owner of Airpsrung in October 2018.