Confirmed – Beales buys Robbs of Hexham
Just announced this morning – independent department store operator Beales has acquired Robbs of Hexham from MCR, the administrator of Vergo Retail, for £250,000.
Sarah Bell, Partner of MCR, officially announced the news:
“Following an effective administration process, we are delighted to confirm the sale of such an iconic store in the region. It’s positive news for both the 76 Company employees whose jobs will be directly transferred to the new owners, as well as the local community.”
MCR’s statement confirms that Beales has “purchased Robbs as a going concern including all assets, brand, intellectual property and employees”.
In a statement, Beales has said:
“As part of the Company’s plans to grow, Beale PLC is pleased to announce that it has acquired the Department Store of Robbs of Hexham from MCR the Administrator of Vergo Retail Limited (in administration), through its primary trading subsidiary of J E Beale plc, for £250,000. The demographics of Hexham and the trading history of Robbs align well with those of Beales. The transaction increases the Company’s portfolio to twelve stores. The Board are delighted the Company has been able to acquire the Robbs store taking it out of administration and securing its future.”
Read the Hexham Courant coverage here.
UPDATE, 13 June 2010: For a more detailed assessment of Beales’ purchase of Robbs see ‘Robbs is saved – so what happens now?’