BREAKING: Cattle Market sale in doubt after Asda revise offer

Louth Cattle Market
Louth Cattle Market

East Lindsey District Council will need to review its position in respect of the sale of the Livestock Market site in Louth after the receipt of a revised offer from ASDA Stores Ltd.

Following a marketing exercise, in July 2014 the Council agreed to accept a bid, subject to contract and planning, from McLagan Investments Ltd, care of ASDA Stores Ltd, for the development of a supermarket, filling station and three retail units on the site. At the same time, subject to the sale being concluded, ELDC agreed to build a new Livestock Market facility in the town.

Recent months have seen a review of trading conditions by many major retailers and in line with this, the Council was recently invited to meet with representatives of ASDA in respect of the Louth site. Following that meeting ASDA has now stated that it wishes the Council to consider a revised offer for the site.

Both the original offer and revised offer remain commercially confidential at this time.

The Council’s Chief Executive, Stuart Davy, explained: “In light of the revised bid by ASDA the Council needs to reconsider its position and advice is being taken on the process this should follow.

“Given the proximity to the election on May 7, 2015, it will now be for the new Council to consider how it wishes to progress this matter.”

In December, 2014, Architects were appointed to work with the Council and the existing Auctioneers to develop initial plans for a new Livestock Market on the Fairfield Industrial Estate.

As this work is under contract at a value of £3,000 it is the Council’s intention that the work on the plans continue to completion.