Latest news with #TonyBrown
The Sun
2 days ago
- Business
- The Sun
Department store chain shutting last shop TODAY after 140 years as it's wiped off high street due to Budget tax hikes
AN ICONIC department store has been forced to shut its last branch after 140 years of trading due to Rachel Reeves' Budget hikes. Beales has confirmed its last ever shop, located in the Dolphin Centre shopping mall in Poole, Dorset, will be closing for good today. 2 It marks the end of an era for the one of the oldest faces of the British high street, which first opened in Bournemouth in 1881. Struggles began for the retailer when it entered administration in January 2020, forcing the closure of 22 of its 23 shops. The shop in Poole reopened the same year after relocating to the shopping centre and remained the only Beales store standing. Despite weathering the financial storm for the past five years, Reeves' economic policies proved to be the final nail in the coffin for the iconic departmental store. Beales hit back at the Chancellor's economic policies by announcing a " Rachel Reeves ' Closing Down Sale". On social media, the popular chain joked that it had fallen victim to the Budget "black hole". The closure will also affect an NHS clinic, which is located on the top floor of the Poole store. It was set up in 2021 to reduce waiting times, but will now move to St Mary's hospital on June 5. The death of the high street is the death of communities Beales chief executive Tony Brown explained that business had become "unviable" following the Chancellor's Budget last October. He said: "This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option. "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." Below the advert for the " Rachel Reeves Closing Down Sale", which included discounts of up to 80%, the high street favourite launched a scathing attack on the Chancellor. A caption on the store's Facebook page read: "Our closing sale is almost over (cheers for the help, Chancellor) - and we've just dropped hundreds of lines to 80% OFF or more! "Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone." UK Retail Shake-Up: Superdry and More It has struggled to cope with rises in national insurance contributions and higher minimum wage which came into effect last month. Like many other businesses, Beales faced higher employer NI contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. It came as the national minimum wage was notably increased, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased to £10 per hour from £8.60. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. The British Independent Retailers Association (Bira) warned this closure could be the first of many as retailers continue to struggle with mounting costs. Commercial director Jeff Moody said he was "deeply saddened" to hear about Beales shutting up shop. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." He added: '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.' At its peak, Beales operated 41 stores across the country, selling a range of furniture, cosmetics, fashion products and toys. The high street chain shut its store in Southport last September just three years after the site reopened. FAMOUS NAMES GONE FROM THE HIGH STREET Beales is not the only brand that's been wiped from the high street in recent years. Ted Baker, fell into administration last March after years of turmoil. At the time it had 46 shops in the UK employing around 975 people. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January 2024 with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online.
Scottish Sun
3 days ago
- Business
- Scottish Sun
Iconic high street chain to shut its last ever store in just HOURS after more than 140 years trading
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ONE of Britain's oldest department stores will shut its last remaining branch after more than 140 years of trading. Beales, which first opened in Bournemouth in 1881, has launched a closing down sale before they shut the doors for the last time in hours. Sign up for Scottish Sun newsletter Sign up 1 Beales in Poole was the last remaining department store Credit: Alamy Beales at the Dolphin Centre shopping mall in Poole will close for good on May 31. Retail industry bosses said the closure of the historic store 'illustrates the devastating impact' of the rise in national insurance contributions and the higher minimum wage. Beales chief executive, Tony Brown told BBC: "We've looked at everything - these are not decisions you take likely. "We looked at a whole raft of redundancies but to get to where we needed to be the shop itself wouldn't be able to open most of the time because we wouldn't have enough people. "Obviously, it's devastating especially for the staff who have tried so hard over the last five years." The retailer has also come under pressure from shifting shopping habits in recent years, with younger shoppers turning away from large high street stores towards online rivals. In January 2020, Beales tumbled into administration, leading to the closure of 22 of its 23 shops. The shop in Poole reopened the same year after relocating to the shopping centre and remained the only Beales store standing. The NHS clinic was set up on the top floor of the department store in 2021 to reduce waiting times but will now move to St Mary's hospital on June 5. Beales operated 41 department stores in market towns across the UK at its peak, selling a range of furniture, fashion, toys and cosmetics. Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores The high street chain shut its store in Southport last September just three years after the site reopened. It comes after a series of store closures by The Original Factory Shop with another 10 shops closing in the coming weeks. Other businesses have warned of price rises and closures as a result of the Budget tax hikes. New Look began ramping up its store closure programme prior top April's National Insurance increase. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. FAMOUS NAMES GONE FROM THE HIGH STREET Beales is not the only brand that's been wiped from the high street in recent years. Ted Baker, fell into administration last March after years of turmoil. At the time it had 46 shops in the UK employing around 975 people. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January 2024 with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online. Fans of Paperchase were devastated when the retailer disappeared from the high street in April 2023. Its 134 shops all closed after it fell into administration, including its concession stands in Next and Selfridges. However, supermarket giant Tesco bought the rights to the brand and the brand is now stocked at 250 Tesco supermarkets. M&Co, previously called Mackay's, fell into administration for the second time in two years in December 2022. M&Co's brand and intellectual property were sold to Yours Clothing. The chain's 170 shops were not part of the deal though and all sites closed their doors at the start of 2024. Popular chain Cath Kidston, which once boasted hundreds of shops around the world, closed the last of its stores for good in June 2023. The brand was bought by Next after falling into administration in the March - but the sale didn't include the physical shops and remaining sotres closed that summer. You can buy Cath Kidstone products on the Next website Topshop disappeared after falling into administration during the pandemic. The brand was bought by Asos and is now sold online. The ecommerce giant has teased a return to bricks and mortar though.
The Sun
3 days ago
- Business
- The Sun
Iconic high street chain to shut its last ever store in just HOURS after more than 140 years trading
ONE of Britain's oldest department stores will shut its last remaining branch after more than 140 years of trading. Beales, which first opened in Bournemouth in 1881, has launched a closing down sale before they shut the doors for the last time in hours. Beales at the Dolphin Centre shopping mall in Poole will close for good on May 31. Retail industry bosses said the closure of the historic store 'illustrates the devastating impact' of the rise in national insurance contributions and the higher minimum wage. Beales chief executive, Tony Brown told BBC: "We've looked at everything - these are not decisions you take likely. "We looked at a whole raft of redundancies but to get to where we needed to be the shop itself wouldn't be able to open most of the time because we wouldn't have enough people. "Obviously, it's devastating especially for the staff who have tried so hard over the last five years." The retailer has also come under pressure from shifting shopping habits in recent years, with younger shoppers turning away from large high street stores towards online rivals. In January 2020, Beales tumbled into administration, leading to the closure of 22 of its 23 shops. The shop in Poole reopened the same year after relocating to the shopping centre and remained the only Beales store standing. The NHS clinic was set up on the top floor of the department store in 2021 to reduce waiting times but will now move to St Mary's hospital on June 5. Beales operated 41 department stores in market towns across the UK at its peak, selling a range of furniture, fashion, toys and cosmetics. Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores The high street chain shut its store in Southport last September just three years after the site reopened. It comes after a series of store closures by The Original Factory Shop with another 10 shops closing in the coming weeks. Other businesses have warned of price rises and closures as a result of the Budget tax hikes. New Look began ramping up its store closure programme prior top April's National Insurance increase. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. FAMOUS NAMES GONE FROM THE HIGH STREET Beales is not the only brand that's been wiped from the high street in recent years. Ted Baker, fell into administration last March after years of turmoil. At the time it had 46 shops in the UK employing around 975 people. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January 2024 with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online. Fans of Paperchase were devastated when the retailer disappeared from the high street in April 2023. Its 134 shops all closed after it fell into administration, including its concession stands in Next and Selfridges. However, supermarket giant Tesco bought the rights to the brand and the brand is now stocked at 250 Tesco supermarkets. M&Co, previously called Mackay's, fell into administration for the second time in two years in December 2022. M&Co's brand and intellectual property were sold to Yours Clothing. The chain's 170 shops were not part of the deal though and all sites closed their doors at the start of 2024. Popular chain Cath Kidston, which once boasted hundreds of shops around the world, closed the last of its stores for good in June 2023. The brand was bought by Next after falling into administration in the March - but the sale didn't include the physical shops and remaining sotres closed that summer. Topshop disappeared after falling into administration during the pandemic. The brand was bought by Asos and is now sold online. The ecommerce giant has teased a return to bricks and mortar though.
The Sun
13-05-2025
- Business
- The Sun
Iconic department chain to shut final store this MONTH & vanish forever as it launches ‘Rachel Reeves closing down sale'
A BELOVED department chain is preparing to shut its final store this month as it launches a "Rachel Reeves closing down sale." The famous shop will be shuttering forever after serving customers on the high street for 140 years. 3 3 Beales in the Dolphin Centre in Poole will close on May 31 and is slashing the price of stock by 80 per cent in the meantime. The historic chain was founded in Bournemouth in 1881 and offers a range of iconic products, including clothing, home goods, and more. This particular Poole Beales branch was the last one standing when the company collapsed into administration in January 2020, leading to the closure of its 22 other stores. Despite the stores resilience, the brutal budget introduced last year saw the hike of National Insurance which has forced countless shops to close. To mark the occasions, the store's Facebook page is advertising a " Rachel Reeves ' Closing Down Sale," featuring discounts of up to 80% and a caption cheekily thanking the Chancellor for "the help." It wrote in the caption: "Our closing sale is almost over (cheers for the help, Chancellor) - and we've just dropped hundreds of lines to 80% OFF or more! "Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone." Despite weathering the storm for the past five years, it seems the Chancellor's latest Budget changes have delivered the final blow to the struggling chain. Beales chief executive Tony Brown previously told The Telegraph the business had become "unviable" following the Chancellor's announcement of increases to the minimum wage and national insurance contributions in the October Budget. Announcing the closure, Mr Brown said: "This, combined with the risks and uncertainty of further tax increases in the coming years, has left us with no alternative. Beloved pizza chain to close down for good in just weeks after 54 years "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." Shoppers were left heartbroken by the news of the store's impending closure, with one commenting on the latest post: "I've loved shopping here over the years." Another wrote: "Sadly this is happening to many shops." Like many businesses, Beales now faces higher employer national insurance contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour. Founded in 1881, Beales once boasted a proud portfolio of 41 department stores in market towns across the UK, offering everything from furniture and fashion to toys and cosmetics. The retailer's decline has been gradual but unrelenting. Its Southport store was shuttered last September, just three years after the site had reopened. With the closure of the Poole branch, the last remaining link to the Beales name, a once-iconic fixture of the British high street, will vanish forever. DEATH OF THE HIGH STREET Retailers have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
Daily Mirror
12-05-2025
- Business
- Daily Mirror
Department store closing final branch this month after 140 years on high street
The retailer will shut its store in the Dolphin Centre in Poole on May 31 and is now offering up to 80% as part of a closing down sale Beales is closing down its last remaining store at the end of this month after more than 140 years on the high street. The retailer will shut its store in the Dolphin Centre in Poole on May 31 and is now offering up to 80% as part of a closing down sale. Beales was founded in Bournemouth in 1881 but collapsed into administration in 2020. At the time, the retailer closed all 23 of its shops - but it went on to reopen three branches in Poole, Peterborough and Southport. The Peterborough site closed in early 2023, while the Southport store was closed down last September. Beales has been sharing its closing down sale on Facebook, with shoppers reacting to the news of its closure. One person said: "Will be sad to see you go, I like Beales." A second person posted: "Such a shame. I've never liked online shopping and love department stores. Always enjoyed a mooch around Beales." A third said: "Very sad to see you go." Beales chief executive Tony Brown said the closure was down to the rise in employer National Insurance contributions and higher minimum wage, both of which are set to come into force in April. He previously told the Telegraph: 'This, coupled with the risk and uncertainty of further tax increases in the coming years, have left us no other option. '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.' The rate of National Insurance paid by firms will rise from 13.8% to 15% from April 2025. The earnings threshold for when employers start paying National Insurance will also be lowered from £9,100 per year to £5,000. This comes on top of growing use of online shopping, stretched finances following the cost of living crisis, meaning people have less money to spend, and more employees working from home, which means less footfall in high streets. At the same time, minimum wage will rise by 6.7%. For someone aged 21 and over, minimum wage will rise from £11.44 an hour to £12.21 an hour, while those aged 18 to 20 will see their rate rise from £8.60 an hour to £10 an hour. If you're under 18 or you're an apprentice, minimum wage is rising from £6.40 an hour to £7.55 an hour.
