Loss-making Beales in Saffron Walden has future in doubt

PUBLISHED: 16:19 07 March 2016 | UPDATED: 16:19 07 March 2016

Beales of Saffron Walden

Beales of Saffron Walden

Archant

A Saffron Walden department store’s future could be in doubt.

Beales announced today (Monday) that the Market Place store is loss-making and they company was looking to change its lease.

The business is entering into a Company Voluntary Arrangement is looking to speak to landlords to “restructure” its leases. A meeting is due on March 24.

Landlords of loss-making stores will be asked to reduce rents of take the premises back.

Stuart Lyon, Beales chairman, said: “Most of Beales’ stores are profitable and are unaffected by the proposal. However, a minority of our stores lose money because leases agreed some years ago are no longer sustainable due to changes in the economy and local conditions. Unfortunately, our store in Saffron Walden is one of them.”

He added: “We hope we will be able to agree a new rent with landlord. In the meantime we will continue to trade as normal.”


If you value what this story gives you, please consider supporting the Saffron Walden Reporter. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Saffron Walden Reporter