Jobs at risk as Downtown plans store sale
Oldrids & Co Ltd says it is in "advanced discussions" regarding its Boston site.
Jobs at risk as Downtown plans store sale
The Downtown store on the outskirts of Boston opened in the early 1980s
One of Lincolnshire’s longest-running retailers has said it plans to sell one of its two remaining sites, with redundancies expected.
Oldrids & Co Ltd, which has a history stretching back more than 200 years and trades as Downtown Stores, said it was in “advanced discussions” over its Boston site at Wyberton Chain Bridge.
If the sale goes ahead, the site would be turned into several retail units.
The company said its online business and Grantham store would carry on as normal.
A spokesperson said any deal would depend on staff consultation, finding tenants for the proposed retail development and planning approval, with completion not expected before March 2027.
Managing director Peter Isaac said the announcement would cause uncertainty for staff and their families, but the company wanted to be open given how far the talks had progressed.
“Our consideration of this proposed deal is in no way a reflection on the performance or commitment of all those across our business who have worked very hard to make our Downtown Boston store as successful as possible.”
Isaac added that the store would continue trading as usual while discussions and consultations continued.
Oldrids started in Boston in 1804, when John Oldrid and Richard Hyde bought a small retail unit on Strait Bargate.
The store closed in 2020, with the firm saying it had been loss-making “for several years”, and adding that the Covid-19 pandemic was one of the reasons for the closure.
The store on the outskirts of the town opened in the early 1980s.