Crunch talks as Wolverhampton Beatties sale edges closer

The sale of the famous Wolverhampton retailer is taking longer than initially expected but could be tied up over the next six weeks.

A preferred bidder has been chosen and legal work to try and complete the purchase of the site for around £3 million is ongoing.

The University of Wolverhampton is in the running to buy the Victoria Street building but the identity of the party in the box seat to complete a deal has not been confirmed.

It is thought detailed surveys will be carried out on the historic building before the preferred bidder commits to the deal.

It comes after it was confirmed House of Fraser would be leaving the store to take over the unit currently occupied by Debenhams in the Mander Centre from early next year.

Tycoon Mike Ashley will launch Frasers, which will see his retail empire, from luxury Flannels to budget Sports Direct and House of Fraser, brought under one roof in an ambitious move to revitalise his struggling high street chain.

Beatties staff were informed of the move on the day of the announcement and it remains unclear whether all existing staff will move to the Mander Centre.

Debenhams is expected to close in January and House of Fraser to move in soon after.

The Beatties building, once one of the city’s jewels which dates back to the 19th century, was put up for sale for £3m in the summer after being taken into receivership.

It had previously sold for £47m in 2006 and £69m a year earlier.

Leaders at the university remain hopeful their bid for Beatties will be successful in order for them to turn their vision for the the site into a reality.

If the university is the chosen bidder, Beatties would form the latest part of the university’s expansion.

It would be used for courses but also feature shops and a cafe.

Tycoon Mike Ashley, whose Sports Direct chain owns House of Fraser, visited Beatties last month to continue discussions on the deal.