The department store is set to close its store in the Dolphin shopping mall in Poole at the end of May.
Beales chief executive, Tony Brown, told the Telegraph that business had become ‘unviable’ due to further cost increases in the Autumn Budget. “This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option.”
Tony continued: “We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit. Our team has been informed, as have our suppliers. We will ensure the exit is managed and no one will be left with a financial loss.”
Beales was founded in 1881 and went on to have 23 stores. Doors closed on 22 of the outlets in 2020 when the retailer fell into administration.
BIRA said the news signals a ‘devastating new chapter’ for Britain’s high streets. Jeff Moody, commercial director commented: “We are deeply saddened to learn of Beales’ closure. This is not just the loss of another shop – it represents the end of a retail institution that has served communities for nearly one and a half centuries. This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.”
He went on to say: “The closure of Beales is, tragically, unlikely to be an isolated incident. With the reduction in business rates relief from 75% to 40% set for April 2025, alongside these other tax increases, many of our members are facing the impossible decisions about their future.
“This is a critical moment for British retail and we urgently need policy makers to recognise the devastating impact their decisions are having on our high streets.”
BIRA is currently in discussions with government departments to address the impact of these changes and develop a fairer business rates structure.
