A popular cut-price food store in Ripley could close in September due to a wrangle over soaring rents.
The eight staff at Farm foods on Oxford Street were told the 25-year-old outlet would likely cease to operate at the end of summer, because the company could no longer afford the rent set by landlords the Midland Co-operative Group.
Farm Foods, which reported pre-tax profits of £27million in 2012– a rise of ten per cent on the previous year – has declined to comment on the possible closure.
But an employee has told The News that regional management has already warned staff that the store would likely shut when its lease expires at the end of September.
A spokesperson for Midlands Co-operative said: “We can confirm that Farm Foods Ltd, our tenant on Oxford Street, Ripley has made us aware that they do not wish to renew their current lease when it expires. The society has not been made aware of the reason for Farm Foods decision to leave this unit.”
To find out more on this story, grab a copy of the News, out on Thursday.