Gravesons in Market Place

After two hundred years trading in the town, Gravesons department store in Market Place is to close.

The closure of the three-storey clothing and accessories shop will result in the loss of 23 full-time jobs following the sale of the property to a development company - Oastlodge Ltd.

The company's second outlet at 4 Market Place will remain open, selling homeware and gifts.

Following the death of Joan and Peter Graveson in 1999, the company came under the control of individuals less interested in retailing. Despite the fact that the comapny's turnover has increased over the last year, the decision was taken to dispose of the business. Unable to find a buyer for a going concern, it has been decided to sell the property to a development company.

Competition in the clothing market has increased in the town recently, with the opening of The Edinburgh Woollen Mill shop in Maidenhead Street and a handful of independent fashion outlets.

The future of the prestige site is uncertain, although the District Council has stated that applications from restaurants, pubs, banks and estate agents would not be considered.