M&S has 82-year lease on Fareham store that has been proposed for closure
AFTER revealing a proposed closure, M&S in Fareham will need to find another company to sublet the store as the firm's lease lasts for another 82 years.
Leader of Fareham Council, Councillor Sean Woodward said: ‘I have never known a store to have such a long lease and they would need to find another store to fill the space as they are liable for rent, service charge and business rates until 2100.’
The store has been in the shopping centre since it opened in 1976 but revealed this morning the shop would have an employee consultation before the final decision which could see the loss of 58 jobs. M&S hopes that, if the closure goes ahead, staff will move to other stores in the company.
Cllr Woodward added: ‘After speaking with the owners of the shopping centre, they say have a lot of interested parties to come into the shopping centre.
‘But for the M&S staff in the shop it is a very sad day especially since I know some of them have worked in there for over 30 years.’