The CEO of an iconic 140-year-old department store has claimed Labour's "punitive" taxes are forcing the high street business to close its doors.
Beales confirmed that its store in Poole, Dorset, would be shuttered permanently at the end of May.
The closure of the store, located within the town's Dolphin Centre, comes as the business winds down after over 140 years.
The chain went into administration in January 2020 having previously operated 23 branches, but a new company reopened the Poole branch in August of that year, as well as another in Southport which closed in 2024.
Beales had been struggling due to issues familiar to many other UK high street businesses, including the rise in online shopping, as well as high rents and business rates.
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Chief executive Tony Brown claimed Labour’s budget has added “significantly” to business costs as he informed the public of the closure with "deep regret".
Speaking to the Mailonline, he said: “Ever since the punitive business taxes heaped on by the chancellor, the two NI increases and the national minimum wage increase, and the reduction of the rates relief to 40% adding significantly to our costs, these punitive taxes have had the effect that the business has become unviable.
“This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option," he added.
“We have been working with the Dolphin centre who have been supportive along with our investors to ensure an orderly exit from the centre.
“Our team have been informed as have our suppliers we will ensure the exit is managed and no one will be left with a financial loss.”
He also made reference to remarks by Stuart Machin, the CEO of M&S who claimed the retail sector was being “raided like a piggy bank”, saying he would "add hospitality to the list".
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John Grinnell, the manager of the shopping centre told the outlet it was "very sorry to see Beales go after so many years".
"Our hearts go out to everyone affected by the store’s closure, and we’ll do everything we can to support former Beales employees to find employment elsewhere," he added.
“We’re alarmed to see this happening to lots of retail businesses because of the new budget and National Insurance increase."
The Labour government says the measures it introduced in the budget were neccessary given the “black hole” in the public finances it claims to have inherited from the previous Tory government, as it looks to invest in other industries to grow the economy.
The Chancellor Rachel Reeves' Autumn Budget also increased the Employment Allowance from ￡5,000 to ￡10,500, the outlet reports. This move will exempt some smaller firms from paying National Insurance Contributions.
An HM Treasury spokesperson said: “We delivered a once-in-a-Parliament budget to wipe the slate clean, now we are focused on going further and faster to kickstart economic growth so working people have more money in their pockets.
“Without our action, business rates relief for retail, hospitality and leisure would have ended completely in April this year. Instead, we are protecting one in three businesses from paying business rates and extending 40% relief for retail, hospitality and leisure, while more than half of employers will either see a cut or no change in their National Insurance bills.
“Our reform to the business rates system will also introduce a new, permanently lower business rate in 2026 while removing the ￡110,000 cap, benefitting over 280,000 retail, hospitality and leisure business properties.”