Beales has agreed a deal with Anglia Regional Co-operative Society (ARCS) to acquire 19 of its Westgate department stores.
Around 830 staff employed in the Westgate stores will transfer to Beales. Beales currently operates in large market towns across the UK, including Horsham, Worthing, Bournemouth and Winchester.
ARCS owns stores in towns including Peterborough, Mansfield and Harrogate.
Beales posted a gross profit of £26m in 2010, up from £25m in 2009. Losses at the group also improved, narrowing by 32% to £670,000 for the year to 30 October.
The deal has been structured as a reverse takeover and ARCS is providing upfront financing.