Council responds to comments on social media about the sale of The Ridings

“We’re disappointed that we haven’t been able to finalise a fair price to buy The Ridings. But at every stage we’ve been clear about the need to provide value for money for the public.

“We made a fair and reasonable offer in good faith based on occupancy levels and income figures provided by the owner of The Ridings.

“A due diligence process then robustly and independently assessed the figures we’d been given. This found there was insufficient evidence to support the numbers we had been given – they simply didn’t stack up. We then agreed a deal with the owner based on the outcome of the due diligence process, only for that agreement to be reneged on.

“The commitment to securing the future Wakefield deserves, and to develop and consult on proposals for a new Cathedral Quarter, will continue.

“Our offer is still on the table. The door remains open to the shopping centre owner to reach a deal that reflects the true value of The Ridings and provides good value for the public. But if we need to, we will acquire the shopping centre by a different route.

“Wakefield needs to change to survive. By the end of the summer, Primark will have moved to a new home in Trinity Walk and M&S will have confirmed a leaving date. The challenges will continue to get more acute. A nearby shopping centre that lost an established Primark saw footfall drop by 60% within weeks.

“Bold transformation is the right thing to do for the long-term future of Wakefield.”