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Beales’ suppliers, staff & landlords owed £17.6m

// Beales’ unsecured creditors are owed around £17.6m, according to a report from administrators
// The unsecured creditors includes suppliers, fashion concessions, staff and landlords
// They’re expected to receive a dividend but KPMG was “not yet able to confirm the quantum or timing of any distribution”

A report from administrators at KPMG has shown that Beales’ unsecured creditors are owed around £17.6 million.

KPMG said unsecured creditors – which includes suppliers, fashion concessions, staff and landlords – are expected to receive a dividend.

However, the administrators were “not yet able to confirm the quantum or timing of any distribution”.

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Some of the creditors which are owed the most amount of money include Barbour, which is owed £218,500, Phase Eight which is owed £112,600, Dorothy Perkins which is owed £73,800, Hobbs which is owed £76,400 and Hotter which is owed £57,200.

The full list of creditors can be found at Companies House.

The news comes after the final batch of 11 Beales department stores permanently shut down on March 19, two weeks earlier than planned after the coronavirus pandemic prompted a nosedive in trading.

The closures brought an end to trading for good for the 139-year-old retailer, and all remaining employees were made redundant.

Before it appointed KPMG as administrators in January, Beales employed 1050 shop floor staff across 23 stores.

The department store chain fell into administration after talks with potential buyers faltered.

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The post Beales’ suppliers, staff & landlords owed £17.6m appeared first on Retail Gazette.



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