The future of the former Lord Street store – Broadbents and Boothroyds – now Beales, has become uncertain as the company has now approached the administration firm KPMG to assist with an overhaul of the business.
The company, which completed a management buyout in 2018, is seeking to assess its “strategic and financing options” in order to move towards a more “sustainable business model”. It is unclear if this will include a full or partial sale of its company and subsidiaries.
Sales at Beales have remained steady, however its 2018/2019 pre-tax losses have doubled and it now has a net current debt of £15.8m. It is feared that the sale of part or all of the business will lead to store closures. So the question is – will Beales in Southport survive the restructuring process or will it be the next store on Lord Street to go ??
OTS News on Social Media