Council pulls out of buying bank building

Bedford Borough Council will no longer purchase the Lloyds Bank building

Plans to buy a bank building have been scrapped by a council.

Bedford Borough Council says it will no longer purchase the Lloyd's Bank building in High Street, citing financial pressure and ongoing uncertainty over the viability of a major town centre regeneration scheme.

The decision, signed off by Mayor Tom Wootton, reverses key parts of a resolution from last year which approved the £1.375m acquisition.

The building was earmarked for inclusion in the proposed Mayes Yard development, but progress in appointing a developer has been slow, and concerns remain over the project's financial feasibility.

According to the Local Democracy Reporting Service, the council stressed it remained "fully committed" to regenerating Bedford town centre and could still intervene in the property market in future to support the scheme.

Options could include negotiating a private sale or using compulsory purchase powers – a move the council's executive backed in principle last October.

Funding set aside for the purchase, stamp duty, legal fees and essential maintenance – more than £1.5m – is now not required.