Downtown Stores in advanced talks to sell Boston site

Summarised from 2 outlets · Updated 13 Oct, 15:02 · Archive

Lincolnshire Live reports that Downtown Stores is in advanced discussions to sell its Boston location.

Lincolnshire Live reports that Downtown Stores, trading as Oldrid and Co Ltd, has confirmed it is in advanced discussions regarding the sale of its Boston site at Wyberton Chain Bridge. The company has informed employees and shareholders of the proposed deal. The building would be converted into a number of retail units leased to different operators, though the Downtown Grantham store and online business would not be affected.

The company states that no final decisions have been made and the proposed sale would be subject to several conditions, including consultations with affected employees, securing a minimum number of tenants for the retail development, and obtaining planning permission. Managing director Peter Isaac said the news would create uncertainty but stated: 'given the stage reached in our discussions with the external party, we believe it is important to be open about the situation while there is still a considerable amount of work to be done and no certainty that the transaction will ultimately happen.' If the sale goes ahead, redundancies are expected among the Downtown Boston team.

How it is being reported

• Jobs at risk as Downtown plans store saleOldrids & Co Ltd says it is in "advanced discussions" regarding its Boston site.BBC Lincolnshire · 13 Oct, 18:25
• Downtown Stores could sell Boston site as company enters advanced talksThe building could be converted into a number of retail units to be leasedLincolnshire Live · 13 Oct, 14:34

In this story: Downtown Stores · Oldrid and Co Ltd · Boston · Wyberton Chain Bridge · Peter Isaac · Grantham

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