Beales Will Kiss Goodbye to Its 144‑Year‑Old Poole Store
The historic Beales building in Poole, Dorset, will shut its doors this May as the manufacturer’s accountant Rachel Reeves gets a little “piggy‑back” from the Bank of England.
Why the skyline is shrinking
After the Chancellor slashed the tax differential in last October’s Autumn Budget, the cost of keeping a shop alive has jumped so high that even the foundation in the back of the store can’t be held together.
- National Insurance goes from 13.8% to an eye‑popping 15%.
- NIC threshold drops from £9,100 to a mere £5,000.
- The minimum wage creeps up by 6.7%, costing businesses millions.
All of the above has left retailers, like Beales, feeling like they’re walking on a financial minefield.
Beales’ Response: A “Rachel Reeves Closing‑Down Sale”
Chief Executive Tony Brown announced that the store would close on May 31st, calling it the “Rachel Reeves closing‑down sale.” Apparently, he thinks the name will be a “poke in the ribs” for Labour on behalf of all stores that are strewn across the country.
Beales’ Facebook already read: “Thanks for the help, Chancellor.”
The Bottom Line for Businesses
Since Labour took power, a staggering 203,000 companies have shut their doors. Tony argues this is due to the “unviable” fiscal strategy of the Chancellor.
“These punitive taxes, coupled with the looming threat of more tax hikes, leave us with no other option but to shut down. The business is simply no longer viable.”
With the likelihood of future increases looming, Beales is now putting two pins in the mattresses of business survivors.
