Bargain Buys pulls out of deal to move into former Marks and Spencer store in Newark town centre
Discount store Bargain Buys has confirmed it has pulled out of its plan to open a branch in the former Marks and Spencer store in Newark town centre.
The confirmation came after rumours of a change of mind had been circulating in the town for some weeks.
The company released a one-line statement confirming it would no longer be taking over the Stodman Street store.
Repeated attempts by the Advertiser to seek an explanation from Bargain Buys — part of discount store chain Poundstretcher Ltd — failed to produce any response.
Marks and Spencer had been a presence in Newark since 1933 until the closure of the store in April this year, which caused 41 staff to either lose their jobs or be re-deployed to branches.
The company’s current lease on the building was signed in July 2001 but doesn’t expire until March 2027, with no break clause. This leaves them obliged to pay £243,000 a year in rent until 2027. Subletting the entire building to the Poundstretcher subsidiary would have initially defrayed £150,000 a year of this, rising to £172,500 after five years.
The store occupies one of the largest floorspaces in Newark town centre – a total of 3,143sq m spread over basement, ground and first floors and a loading bay.
A spokesman for Marks and Spencer said: “Marks and Spencer’s are marketing the property to find a tenant and hope to share an update with the community soon.”
Kerri Saxby, chairman of Newark Business Club, said: “With the closure of the Marks & Spencer store in Newark town centre earlier this summer, we have all been waiting with anticipation to see when the new Bargain Buys store will begin trading. I was hopeful we had seen some shopfitting work taking place through the summer, but that hasn’t been the case.”
But Kerri added that there had been some positive results from the closure: “Having heard from several of the independent retailers, many have reported that they are actually doing better in the wake of Marks and Spencer’s departure, as regular visitors to the town have started using them for quality clothing, jewellery, footwear, food and wines instead.
“But others remain concerned by the lack of the big national store to attract both local and visiting shoppers.
“What we don’t want is units in the town to be empty for long periods.”
Matt Lamb, director for growth and regeneration at Newark and Sherwood District Council, said: “The council understands that the owners of the former Marks and Spencer building are continuing to look at options for its future re-use.
“In terms of the proposed Marks and Spencer food store, a unit capable of accommodating this continues to be promoted on the vacant site at Northgate by the landowner, who remains positive that the store will relocate. Timescales are unknown and this will be subject to planning permission.”
