A department store has fired a sharp shot at the Chancellor’s economic agenda, launching a provocative “Rachel Reeves’ Closing Down Sale”.
Beales in Poole — the last remaining branch of a once-thriving retail empire — is now preparing to shut its doors for good, marking the end of an era.
The store is set to close its doors for good at the end of May, after more than 140 years of trading.
This marks the final chapter for the historic retailer, which first opened in Bournemouth in 1881 and has struggled since entering administration in 2020.
To mark the occasions, the store’s Facebook page is advertising a "Rachel Reeves’ Closing Down Sale," featuring discounts of up to 80% and a caption cheekily thanking the Chancellor for "the help."
It wrote in the caption: "Our closing sale is almost over (cheers for the help, Chancellor) - and we’ve just dropped hundreds of lines to 80% OFF or more!
"Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone."
Located in Poole’s Dolphin Centre, this Beales branch was the last one standing when the company collapsed into administration in January 2020, leading to the closure of its 22 other stores.
Despite weathering the storm for the past five years, it seems the Chancellor’s latest Budget changes have delivered the final blow to the struggling chain.
Beales chief executive Tony Brown previously told The Telegraph the business had become "unviable" following the Chancellor’s announcement of increases to the minimum wage and national insurance contributions in the October Budget.
Announcing the closure, Mr Brown said: "This, combined with the risks and uncertainty of further tax increases in the coming years, has left us with no alternative.
"We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit.
"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."
Shoppers were left heartbroken by the news of the store’s impending closure, with one commenting on the latest post: "I’ve loved shopping here over the years."
Another wrote: "Sadly this is happening to many shops."
Like many businesses, Beales now faces higher employer national insurance contributions, which have risen from 13.8% to 15%.
Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000.
These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April.
At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour.
Founded in 1881, Beales once boasted a proud portfolio of 41 department stores in market towns across the UK, offering everything from furniture and fashion to toys and cosmetics.
The retailer’s decline has been gradual but unrelenting.
Its Southport store was shuttered last September, just three years after the site had reopened.
With the closure of the Poole branch, the last remaining link to the Beales name, a once-iconic fixture of the British high street, will vanish forever.
Read more similar news:
Comments:
comments powered by Disqus
