Beales Department Store has long been an established part of Beccles. Established in 1811 it has 29 stores across the region. However changes are afoot with a major shareholder poised to take over
Bidding for the department store is 30% shareholder Andrew Perloff, owner of Panther Securities. He valued the company at £1.2m, half of the price at the close of trading last Friday. Beales described this offer as “disappointing” but admitted this valuation was due to its complex capital structure with shareholders likely to prefer the “certainty” that Perloff’s offer would provide.
The company has recently had mixed fortunes- Last year like for like sales were 1% higher. However this was mainly due to big sales over the festive period, with sales in autumn described as “weak.” Therefore it is perhaps not surprising that the company is looking toward the long term with chairman William Tuffy believing it would be hard to find realistic alternatives without major shareholder support “We believe this proposal represents a better alternatives for all stakeholders.”
In recent times big names on the high street have faced the challenges provided by discount stores and online shopping. It remains to be seen wherever a takeover will provide a singular vision that can tackle these challenges head on. However with Andrew Perloff already overseeing 11 of the company’s branches they have someone who is aware of these challenges. With a number of branches and jobs at stake what is for sure is that it is a big responsibility for whoever is in charge.