Department store retailer Beales will delist in the spring after the bulk of shareholders resolved to accept Andrew Perloff’s offer for the company.

Through his acquisition vehicle English Rose, Mr Perloff in January offered around £1.2m for the circa 30 store business, which represent a discount of around 50 per cent on Beales’ share price.

Together with family, Mr Perloff was already the majority shareholder in the Beales business, while his Panther property group is landlord to a third of the retailer’s trading estate. His other interests include the Trowbridge headquartered beds and upholstery group Airsprung.

This morning, the Beales offer was declared unconditional with 60 per cent of shareholders having agreed to sell. The retailer will become a privately owned company again by Easter.