Beales’ ex-owner & biggest landlord blames collapse on tax system

Beales Andrew Perloff Panther Securities KPMG administration
Beales fell into administration after failing to secure a sale to a new owner
// Beales’ former owner Andrew Perloff blames administration on “excessive & outdated” tax system
// Beales’ administration has placed 1300 jobs at risk

Beales’ former owner and the landlord of over half of its properties, Panther Securities, has blamed the department store’s collapse on an “outdated” tax system.

Panther Securities chairman Andrew Perloff said an “excessive and outdated” tax system was weighing the stores down, Property Week reported.

The department store chain fell into administration last week after failing to secure a sale to a new owner.


READ MORE:


The administration places 1300 jobs at risk.

It is understood that Beales’ 22 stores will operate as per usual, with no immediate closures confirmed although the retailer’s website was taken down shorty after KPMG were appointed as administrators.

Perloff sold his family’s stake in Beales in October 2018.

He said that even if the tax system changes now, it may be too late for a lot of stores.

He also suggested that Panther Securities, which owns 13 of Beales’ 26 properties, would not sell its buildings on.

Panther Securities said in a statement that it believed there would not be “a material effect on the value of Beales’ properties”.

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here