Beales, Yeovil to close
We reported on the 20th January that the Beales chain of stores had collapsed into administration. The administrators, accountancy firm KPMG, have been trying to find a buyer for all or part of the group.
Today they have admitted that no buyers have come forward. The company lost £3.1m for its last full year of trading and having failed to negotiate new deals with landlords, the administrators have acted to minimise the cash outflow from the business.
As a result 12 of 25 stores run by the Group will be closed in order to reduce costs while KPMG attempt to get what they can for the assets of the business.
We are sad to report that one of the 12 stores selected for closure will be the Yeovil branch. Whilst the closure will not be immediate, the writing is now on the wall. Yeovil and the other 11 branches will be allowed to trade out for “the next few weeks” in an attempt to sell off their remaining stock. After which they will shut their doors for the final time.
Staff have been told they can keep their jobs until a final closure date is agreed.