Department store group Beales has confirmed that it is in discussions with a third party about the possible takeover of the company.
The group said discussions were at a “very preliminary stage” and that there was no certainty that an offer would be made.
Last month, the group reported a slump in pre-tax profits to £264,000 in the year to October 2003, compared with £1.1m for the same period a year earlier.
Beales blamed intense competition, price deflation and a more cautious consumer for the decline.
The company said it would make a further announcement about the takeover talks in due course.
References: EGi News 25/02/05
