THE boss of Beales says it has turned the corner and is on the path to recovery after publishing its first accounts since it was taken over in February, 2015.

The figures come after a year in which the Bournemouth-based department store chain, which has a store on Fore Street in Hexham, agreed a deal to cut its rent bill and announced the closure of 10 shops.

Trading company J.E. Beale made a profit of £338,000 after a £2.5m boost from “exceptional credits”.

Those mainly related to the Company Voluntary Agreement (CVA) in March which enabled the store to cut its rent bill at around a third of its stores.

Chairman Stuart Lyons said the company had been overwhelmed by support from customers – including more than 7,000 who signed a petition to prevent landlords turning the top floors of the Bournemouth store into flats.

Thanking staff for their commitment, he said: “The last two years have been challenging and there will continue to be challenges ahead. However, I believe Beales has now turned the corner and is on the path to recovery.”

The results span 17 months after directors moved their financial year-end from October to March.

Holding company Beales Ltd saw losses reduced from £16.3m in the previous 12-month period to £2.8m over the 17 months.

The results come just weeks after a new management team took control of the Hexham store and plans for a “substantial investment” in the branch were revealed.