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(Alliance News) - Property investor Panther Securities PLC on Monday said its 2020 revenue will not be hurt bythat department chain Beales Ltd, one of its tenants, going into administration.
Panther said that it owns 13 of the properties from which Beales operates, all of which are let on leases of various lengths, adding that in the event the retailer ceases to trade, it expects to recover some of the rental income on the units.
Beales entered into administration last Monday as it was unable to find a last-minute buyer to rescue the 139-year-old business.
Panther Securities also added that should Beales cease trading, it believes there are significant alternative opportunities for the majority of the Beales properties and that the board is assessing its options including dealing with prospective interested parties.
Panther Chair Andrew Perloff - who previously owned Beales - disposed of his entire stake in the business in October 2018, the company said.
Panther shares were untraded on Monday afternoon in London, last quoted at 350.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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