The future of Allders department store in Croydon has been secured, it has been revealed.
Former chief executive of the North End shop Andrew MacKenzie told the Croydon Advertiser that by purchasing a 70 per cent stake in Allders with two unnamed partners, the company can go forward.
The remaining 30 per cent is held by owner of the Jaeger fashion group Harold Tillman.
"We have secured both the future of the store and the people who work in it. It is a good business move for us and for Croydon," Mr MacKenzie said.
Croydon's vote of confidence comes after Hammerson, Westfield and Stanhope Schroder all showed their support for outer
London offices, retail space and residential units here. Westfield has hinted at the borough becoming the third location in the capital for a new shopping centre.
The borough's council also recently gave the green light for a new Stanhope Schroder project at Ruskin Square that would deliver more than 1 million sq ft of leisure facilities, apartments and
London offices.
Stanhope's director Charles Walford commented: "The public transport is excellent, it is part of greater London, it is an existing place with an aging office stock and a large number of occupiers, it has a proactive and pragmatic local authority, it has huge retail potential and incumbent investors and developers that will make it happen."
His comments came as part of Stanhope's involvement with Develop Croydon, a private consortium that promotes the benefits of establishing a business within the borough.
The group will attend the MIPIM 2012 international property trade fair in Cannes, France at the beginning of March to try and secure deals between Croydon and property organisations.
Other schemes in the pipeline for Croydon include the Guildhouse Rosepride 55-floor skyscraper on One Lansdowne Road. The tower will contain a mix of apartments and outer
London offices.
Posted by Sarah Dudley
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