bealesHorshDepartment store retailer Beales has won the backing of creditors who voted in favour of its Company Voluntary Arrangement. One store will still close this summer when its lease expires.

Over 92 per cent of creditors backed the CVA proposal, the retailer said following the vote on Friday. The plan was announced early March as the retailer bids to renegotiate rent across its store network.

The Bournemouth-headquartered retailer gained the support of landlords to cut rents on 11 of its 29 stores, including sites in Rochdale, Bolton, Yeovil and Winchester.

Beales Horsham store in Sussex is to close this summer after the landlord asked for the lease to be returned when it expires in July.

The agreement follows fellow department store retailer BHS in securing the agreement of landlords via a CVA to ward off the threat of administration.

Beales was acquired by English Rose Enterprises last year, a company ultimately owned by Andrew Perloff, whose other interests include the beds and upholstery group Airsprung and the property company Panther Securities.

Panther will soon own 12 of Beales freehold department stores, having agreed in March to acquire a property company whose assets include Beales Southport store. It will also take a rent cut on a number of Beales stores.

To read the full story: