Palmers in talks for Beales to take over its stores in Great Yarmouth and Lowestoft
- Credit: Archant
An iconic family-owned department store in Great Yarmouth is in advanced talks for a takeover.
Beales and its parent company Portnard, are in talks to acquire the share capital of Palmers Department Stores in Yarmouth and Lowestoft.
Beales is a nationwide group based in Bournemouth with 21 stores.
A statement from Palmers chairman Bruce Sturrock said: “Beales and Portnard look forward to working with the Palmers team to complete the transaction.”
It is understood staff were informed today.
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Beales already trade in a number of towns in East Anglia and the statement adds the purchase does not affect any existing stores.
The Market Place business was started by Garwood Palmer Burton in 1837 – and remains on the same site, though much expanded.
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Palmers entered Lowestoft in 2004 when they took over the store previously known as Chadds, which in itself had 100 years of history behind it.
In recent years Palmers has announced closures of their stores at Bury St Edmunds and Dereham.
Beales has stores at Beccles, Diss and Lowestoft - the latter in the same road as Palmers store.