The boss of Beales has completed a management buyout of the Dorset-based department store group in a move that he says will leave it in a “much stronger position”.
In a reorganisation finalised this week Tony Brown has taken control of the chain after buying 97% of the share capital held by Portnard Ltd and English Rose Estates Ltd — two companies ultimately controlled by Andrew Perloff, chairman of Panther Securities, a property investment business, The Times has learnt.
The buyout has been funded by an unnamed international private equity group while loan facilities have been provided by Wells Fargo and Hilco Capital, the retail restructuring expert.
