Beales closes final store after 140 years amid tax rises

Beales is set to close its last remaining department store as it winds down the business after more than 140 years.

The retailer, which first opened in Bournemouth in 1881, will shutter its store in Poole’s Dolphin Centre at the end of May.

Chief executive Tony Brown told The Telegraph that upcoming increases to employers’ National Insurance contributions and minimum wage announced in Labour’s first fiscal Budget last year meant the business had become “unviable”.

Brown 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.

He added: “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.”

Beales, which sold electrical items, clothes, footwear and furniture in stores all around the country, has been hit hard in recent years by high rents and crippling business rates.

The retailer fell into administration in January 2020 and closed 22 of its 23 branches in March that year.

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