The CEO of department store chain Beales has completed an MBO with private equity backing. Beales has 21 branches and has been performing well, despite the woes of the wider department store sector, with sales of £48.7 million for 2017/18.
Tony Brown, CEO, had held the role previously before heading to Australia to work for the SFG Group and was reappointed on his return in 2017. As part of the move into new ownership both Andrew Perloff and Simon Peters will now step down from the Beales board making way for two non-executive directors who represent the private equity house which has provided funding.
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