Bedford Beales in administration: What happens next

One of 23 other stores around the UK, the Harpur Street/Silver Street shop will remain open for the time being.

Administrators at KPMG said it will continue to keep the business trading while assessing options for the company.

Will Wright, a KPMG partner and joint administrator said: “For over a hundred years, Beales has been a stalwart of the high street in market towns up and down the UK, but like countless similar retailers, has found trading in recent times to be incredibly tough.

“With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.”

The development puts 1,052 jobs at risk - though no immediate redundancies have been announced.

Gift vouchers, customer deposits and returns or refunds will continue to be honoured while the administrators work out what to do next, including talking to potential buyers.

Last month Beales appointed KPMG to conduct a review. As part of its attempts to stay afloat, the company entered talks with landlords over rent reductions and considered a sale to new owners.

It was reported Beales attracted interest from two possible buyers, including a rival retailer.

However, the rescue efforts failed, with the courts ratifying the appointment of administrators today.The Bedford store, which was previously Braggins, has been in the town for 37 years.