Andrew Perloff, the Ukip-supporting property investor, has launched a cut-price takeover offer for Beales department stores six months after his representative was ousted from the board.
Perloff’s group Panther Securities holds a 29.72 per cent stake in the 134 year-old retailer, and owns the freeholds of 11 of Beales’ 30 stores.
Last year, a fall-out over strategy resulted in Beales evicting Panther’s representative and finance director Simon Peters from Beales’ board.
Beales said yesterday it has received an offer from Perloff’s vehicle English Rose, valuing the group at a 48 per cent discount to its trading price on Friday.
The board said the 6p a share offer was “disappointing”. However, Beales’ complex capital structure imposes restrictions on Beales’ ability to fund its activities and as a result “it may be unable to generate sufficient cash flows to meet its financial commitments in the future”.