Southport's high street could be dealt another blow after well-known department store chain Beales was put up for sale.

The store, based in Lord Street in Southport has been placed on the market as the company looks at refinancing options amid tough high street conditions.

The 138-year-old Bournemouth-based group has sought the help from administration firm KPMG as the company looks at "strategic and financing options" including one option of the sale of the whole company and its subsidiaries.

In October 2018, the company, which has 22 stores across the country, completed a management buyout led by chief executive, Andrew Brown.

It was also revealed in October this year the department chain lost just over £3million, but said one-off costs disguised the "big achievement" that its sales figures were steady.

Beales said it "continues to acclimatise to the ever-changing landscape and challenges of the retail market".

The group said it is looking for investment to "deliver a sustainable business model for the future" including cost-saving measures and a refocus on homewares, small domestic appliances, fashion accessories and shoes, which saw "significant sales improvements" following a change in strategy.

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Beales was founded in 1881 by John Elmes Beale, employs around 1,300 staff and another 300 in concessions across its 22 stores.

The company said while it is looking at a small number of store closures and moves to slash rents, it also wants to look at buying sites to follow the success of the new Fareham store and follow in its steps.

If Beales is set to go in Southport this could be another blow for the seaside town as the giant retail department store chain Debenhams on Lord Street is planned to go and currently holding a closing down sale.