A BUSINESSMAN is hoping to cash in on a former bank building by turning it into a top nightspot.

The prominent building in Bishop Auckland Market Place has become a run down eyesore since Barclays Bank closed it down in November 1999.

Now it is set to get a new lease of life with a £750,000 investment if plans are given the go ahead by Wear Valley District Council.

Bishop Auckland businessman Wayne Baister bought the building about a year ago with the intention of turning it into a retail unit with a head office for his chain of designer clothing stores Bertie.

But he was soon approached by a firm which showed interest in turning the building into a pub and suggested he apply for a licence.

He said: "I decided to give it a go and got solicitors involved and pushed for a licence. I got it and now architects are looking at the place.''

Mr Baister has submitted a change of use application to Wear Valley District Council and will have to wait and see whether councillors back his venture.

He said he is looking at retaining as much of the building as he can, restoring it to the market place centrepiece it once was.

He said: "We are looking at a design that will keep the character of the building. I want someone who can come in and make use of its features and restore it.

"It will take time to maximise its potential. We are not looking at some twopence business we are talking about a £3/4million investment in order to get this building right.''

He recognised that there were a lot of pubs in Bishop Auckland but said that if things were done right there was room for another.

He said: "I think there's a market for it. Things don't happen overnight. It took about six months to get the licence and now we have the planning process to go through. We want to restore this building to what it should be.''