Beales makes progress
BEALES is expecting to significantly reduce its losses in the current year, but not turn a profit, its chairman has said.
Stuart Lyons said the Bournemouth-based department store chain was making good progress on a turnaround plan.
Last year, the company closed 10 loss-making stores and reached a company voluntary agreement (CVA) which allowed it to negotiate rent reductions on many sites.
It now has 20 branches, including the one on Fore Street in Hexham, which was earmarked for a “substantial investment” in November, when a new management team took the helm.
Mr Lyons told the annual general meeting of shareholders that Beales had “continued to make good progress in its turnaround” in the first nine months of the current financial year.
He said: “With regard to the full year result, the most I can say at this stage is that we expect to see a significant improvement over the losses for last year, while not yet achieving a profitable result for the year as a whole.”