One of Britain’s oldest department stores- which has a popular branch in Mansfield- has plunged into adminstration.

Beales announced today (Monday, January 20) that it had appointed KPMG as adminstrators after suffering losses of £31m and failing to make a sale, putting thousands of jobs at risk.

The store began trading in 1881 and has 22 shops, including in Mansfield’s Four Seasons Shopping Centre.

It is not yet known how many roles are affected at the Mansfield branch.

Although the website is offline, it is understood there will be no immediate closures and the stores will continue to trade.

Just before Christmas, Beales said it was examining its options, one of which was the sale of the company.

The group said such a move was necessary as it ‘continues to acclimatise to the ever-changing landscape and challenges of the retail market. Investment is sought to deliver a sustainable business model for the future’.