Signs of the times

24Knews main news & discussion threads
Forum rules
Please read: 24Knews Forum Rules

Signs of the times

Postby Pixel8r » Sat Feb 15, 2020 8:32 am » Safari 13.0.5 Safari 13.0.5  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Interesting local, to me, news. Beales the main department store in town, which was established in 1881, is closing down stating that it is beyond rescue.

Bournemouth Beales for sale at £11m with rescue 'impossible'

BEALES’ flagship Bournemouth store is on the market for at least £11million – apparently dashing any hope of keeping it open.

The boss of the department store has accused BCP Council of making it “impossible” to save the shop in the town where it was founded in 1881.

Agents marketing the store say a new owner “could create a new landmark development” in the town centre.

As revealed last week, the building’s owner, AEW UK Core Property Fund, had proposed to turn the top floors of the building into flats in an effort to make the shop viable. But the idea appears to have been dropped after talks with council planners.

Beales went into administration last month and the Bournemouth store is one of 12 which are earmarked for closure over the coming seven weeks.

Tony Brown, owner and chief executive of Beales, said: “I fully understand why the landlord has put the building on the market.

“Unfortunately there doesn’t seem to be joined-up thinking between the council and its planning department. The hurdles put in the way of the landlord will speed up the closure of the store and make it impossible to maintain Beales in Bournemouth.”
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18108
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Signs of the times

Postby Pixel8r » Sat Feb 15, 2020 12:08 pm » Safari 13.0.5 Safari 13.0.5  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

From the article above, it's the business rates that kill businesses. Made me have to sell my big studio.

A sales document reveals that Beales has a lease on the site until January 2023 at a rent of £911,000.

In recent times, Beales has been negotiating to reduce rates and keep its shops open – but business rates add another £440,000 a year to its overheads.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18108
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Signs of the times

Postby Acton Boy » Sat Feb 15, 2020 2:25 pm » Safari Mobile 12.1.1 Safari Mobile 12.1.1  iPad iPad  Screen Resolution: 768 x 1024 768 x 1024

Business rates have become a real killer, mine have increased by 80%. I’m going to make an appeal but I understand that it will probably take years to get the result!
It’s going to be a very long and expensive process, the appeal fees will get into the tens of thousands.
Random avatar
Acton Boy
Silver Eagle Member
Silver Eagle Member
Progress to next rank:
77.1%
 
Posts: 377
Joined: Sat Aug 20, 2011 4:24 pm

Re: Signs of the times

Postby Pixel8r » Sat Feb 15, 2020 8:11 pm » Safari 13.0.5 Safari 13.0.5  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Acton Boy » Sat Feb 15, 2020 2:25 pm wrote:Business rates have become a real killer, mine have increased by 80%. I’m going to make an appeal but I understand that it will probably take years to get the result!
It’s going to be a very long and expensive process, the appeal fees will get into the tens of thousands.

I don't envy you, good luck.

I was kind of lucky in that I could move down to a smaller unit and the FSB managed to get units below around 1000sq ft exempt, so haven't had to pay them since 2012. My old studio was 2000sq ft and the rates used to be £650 per month, which was fine in the good times but became a problem quickly from 2008.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18108
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK


Return to Main Discussion Forum

Who is online

Users browsing this forum: No registered users and 3 guests