House of Fraser 'agrees terms' to remain in Darlington Binns

The Northern Echo can reveal that the chain looks set to remain in the town after the new owner - a local investment company - agreed terms for the store to stay put. 

The news was confirmed by the agent acting for the new owner, John Taylor, director of Parker Barras, who said details are now being finalised after “working around the clock” to get the brand to sign on the dotted line. 

It comes just hours after The Echo revealed the building had been snapped up by a new owner after just several months on the market. 

Speaking to The Echo on Friday (October 25), John said: “We have been working around the clock to agree a deal to get House of Fraser to stay. 

“Darlington is very much open for business and it is such an iconic building. They very much want to stay - it took the company by surprise when they were served their notice.” 

'Exciting things in the pipeline'

As previously reported, Frasers Group, which owns House of Fraser, announced earlier this year it would be closing after the landlord’s decision to terminate the lease. 

Bosses said it planned to stay in its High Row home “for the foreseeable future” before the decision was made - with a date for the closure initially set for November. 

The iconic Binns building on High Row (Image: PAUL NORRIS)

The Echo understands that talks will be held at a later date about the long term future of the building and the store’s place in it. 

John continued: “There are exciting things in the pipeline - and it is a case of watch this space. 

“It all happened very quickly - from agreeing the terms with the owners to getting the building exchanged took place in five days. 

“This store is probably one of the best looking - and in the best location - in the town centre. 

“Darlington really is streets ahead of the rest, and this year, we have had a real number of deals in Darlington, we’ve acquired a whole host of properties. 

Closing down signs on the House of Fraser store (Image: PAUL NORRIS)

“The new owner wants it to be a focal part of the town. It is ideal for retail, and ultimately an ideal retail destination.” 

As previously reported, meetings between the unnamed new owner and Darlington Council bosses are set to take place early next week.

Chris McEwan, Deputy Leader and Cabinet Member for Economy, said: “My understanding is that the Binns building, which Frasers occupy, has been sold. 

“I am very grateful for the agents of the sellers who have passed on our details to the buyers. I intend to, with officers, meet with the buyers of the building early next week to signal that we will support them where we can. 

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“But more importantly, try to understand what the plans are for the building both in the short term and the long term.”

As things stand, closing down signs remain up at House of Fraser’s store in the building, as well as posters stating the November closure time frame. 

Frasers Group has been contacted for comment.