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Beales owed almost £18m but administrator says creditors will get some money back

BealesFailed department store chain Beales owned creditors almost £18m when it collapsed.

A report from administrator KPMG put the debts at £17.6m.

KPMG says it expects unsecured creditors – which includes suppliers, concessions, employees and landlords – will receive a dividend.

However, it is so far unable to put a figure on a payout, saying it is ‘not yet able to confirm the quantum or timing of any distribution.’