6 Aug 2010 07:00
6 August 2010
BEALE PLC (the "Company")
Acquisition of New Store
As part of the Company's plans to grow, Beale PLC is pleased to announce today that it has signed contracts for the purchase of the assets of Westgate department store in Rochdale, through its principal trading subsidiary J E Beale plc, from The Anglia Regional Co-operative Society (ARCS) for an estimated sum of £300,000 and agreed a 25 year lease on the premises.
Beale PLC already operates 3 department stores in the North West: Bolton, Southport and Kendal; this purchase strengthens the Company's presence in the region. The contractual completion date is 5th September 2010.
Both Beale PLC and ARCS see this as an opportunity to maintain a department store presence in the town. Beale PLC is impressed with the town centre plan and the new planned transport links and believes that its ownership of the store will provide the people of Rochdale with a better mix of shopping in the town than the current predominance of discount retailers.
The transaction increases the Company's portfolio to thirteen department stores.
For further information
Beale PLC Astaire Securities
Tony Brown Chief Executive Toby Gibbs
Ken Owst Finance Director Tel :020 7492 4750
Tel:01202 552022