AMBITIOUS plans for a major company to move into the former Marks and Spencer unit in Golden Square to ‘safeguard’ Warrington’s high street have moved a step closer.

The town centre site has remained empty since the retail giant shocked the town and closed the shop back in July 2017.

But council chiefs are aiming to thrash out a deal as part of a bid to bring in a new tenant.

Marks and Spencer currently has a 125-year lease, with no break, for the unit – with 84 years still to go.

It pays £50,000 a year ground rent to the council but is offering to buy that for £1.8 million.

It could then be sold on.

The authority is understood to be in talks with a major high street retailer, but its name remains a closely guarded secret.

On Monday, the council’s executive board approved a move which will see Marks and Spencer buy out the lease.

Council leader Cllr Russ Bowden said: “Members are aware of the programme being undertaken in terms of making shrewd commercial property investments throughout the town.

“This is another opportunity that has arisen, in terms of the future of our high street offer and safeguarding it.

“It is really important that the council is seen to be doing its best to support the town centre, particularly in this challenging time.”

Cllr Bob Barr, leader of the town’s Liberal Democrats, said he welcomed the council’s approach to the matter as having an empty large store at the corner of Golden Square ‘is not good’ for Warrington.

He added: “It is hard to see how the £50,000 ground rent can be replaced, without risk, by investing the £1.8 million we will receive when the lease is bought out.

“However, any shortfall is probably a worthwhile investment in the vitality of the town.

“While the council may have views about the potential occupier, shoppers and customers will decide whether the offer is successful or not.”