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Poundstretcher's discount store Bargain Buys to replace Marks and Spencer in Newark town centre – Newark Advertiser

Bargain Buys is the retailer that will replace Marks and Spencer in Newark town centre.

The discount store, part of Poundstretcher, will move into the Stodman Street premises after Marks and Spencer closes in April, creating 30 full and parttime jobs.

A spokesman said: “Bargain Buys is the UK’s leading multipriced discount retailer, giving customers big brands at big discounts, with more than 2,000 products at the lowest prices on the market.

Bargain Buys (8118757)

“We currently have over 60 Bargain Buys nationwide, with additional stores being opened every week.

“With more than 45 stores opened nationwide in 2018, we plan to open another 100 by the end of 2019, all stocking a wide variety of toiletries, homewares, and top branded confectionery and drinks.”

Poundstretcher was identified in the particulars of sale of the freehold of the Stodman Street store, which went under the hammer at a London auction house on Tuesday but failed to sell.

Information on the tenancy said M&S took out a lease in July 2001, which expires in March 2027, with no break clause.

It says an application had been approved to sublet the whole of the building to Poundstretcher until 2027.

Poundstretcher would pay £150,000 a year, which is a sublet, rising to £172,500 after five years; M&S pays £243,000 a year in rent.

The glass-fronted building was put up for sale by what is referred to as a charitable trust with a guide price of £2.4m-plus — the the highest guide price of the 112 lot catalogue outside of London.

A successful purchaser would have acquired one of the largest floorspaces in Newark town centre — a total of 3,143sq m spread over basement, ground and first floors and a loading bay.

M&S is shutting the store, which sells food and clothing ranges, before opening a new one.

The chain promised Newark a store that sold the full range of M&S products, including for the home, but, amid falling profits, discontinued that line and announced it would just be a foodhall.

A planning application that was lodged to change of use of the unit occupied by Carpetright on Northgate Retail Park, which is still pending a decision, was to allow M&S to move in there.

There is a Poundstretcher in the unit next door to Carpetright on Northgate Retail Park.

Poundstretcher said it would retain that store.

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