Stafford Morrisons plans scrapped as site sold for £24 million
Plans to open a Morrisons supermarket in Stafford have been scrapped after the site was bought by private investors.
The recently developed Kingsmead site, which was owned by LXB Retail Properties, has been sold to private investment group Triple Jersey Ltd for £24 million.
Morrisons had previously signed a lease agreement for the 71,500 square foot store but, after more than eight months of uncertainty, it has now been confirmed that the supermarket chain will not move in.
Leader of Stafford Borough Council, Patrick Farrington, welcomed the announcement.
He said: "LXB Retail, who developed the Kingsmead site, have always intended to sell their investment.
"The fact that a company is prepared to invest £24m in buying this site reflects the confidence investors have in Stafford as a retail centre.
"With all major food retailers, with the exception of the German discounters, reducing their capital expenditure on new stores the announcement regarding Morrisons is not a total surprise.
"We know discussions are already taking place with other retailers who would like to come to Stafford and we are confident that the outcome of these discussions will be positive for the town.
"We will be contacting Triple Jersey Limited at the earliest opportunity because our main concern as a council is to get the car park opened as soon as possible."
Earlier this year, Morrisons said it was reviewing its decision after the company announced it was closing a host of its stores across the country.
Sorry, we are not accepting comments on this article.