Tight deadline set on £3m Beatties offer
Parties interested in buying Beatties have been given until the end of next week to submit a bid for the iconic building.
The process to try and sell the landmark retailer is moving fast, with a firm deadline for offers having been set.
Wolverhampton Council is interested in buying the site but it is currently unclear whether that will amount to a firm bid over the next few days.
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It has also emerged that Beatties has been taken into receivership and the sale being handled by the bank.
Its value has plummeted over recent years, in part due to the decline of House of Fraser, and is now available for just £3 million.
The store was bought by a Danish consortium for £47m in 2006.
Offers
Property agents Allsop, which is advertising the sale of the building, said a deadline had been set for "people to come forward with offers" and that offers were expected over the next week.
The city council "has been told the same as everyone else, when to come forward", Allsop said.
The company confirmed the council had expressed an interest but that it was not known at this stage whether that would develop into a firm bid.
The Express & Star revealed last week that the authority was considering moving for Beatties amid concerns over the future of the building, such a key part of the city's history.
Senior figures are keen to avoid it falling into the hands of a developer or another buyer whose intentions for the famous city store may be unclear.
The apparently imminent sale of Beatties has once again thrown the future of the store, founded more than 140 years ago on Victoria Street, into question.
Mike Ashley's Sports Direct saved Beatties from closure less than a year ago as part of the takeover of House of Fraser.
A virtually rent-free deal was agreed to keep the store open but a new owner could change everything.
Sports Direct agreed an original lease until August 9.
As well as negotiating a new deal with Sports Direct, converting Beatties into student accommodation or flats have been suggested as alternative uses in a sale brochure.
There also remains uncertainty about the future of House of Fraser itself, with Sports Direct admitting last week the high street giant was in terminal decline, amid fears of further store closures.
Ninder Johal, a former president of the Black Country Chamber of Commerce, said he was keen for a buyer to come forward who "will see a future in retail".
He said: "Hopefully they can come to some kind of negotiation with the owner of Beatties and Sports Direct on the best way forward for everyone - both parties and other stakeholders in the city."
