THE dramatic fall in Debenhams’ fortunes is of particular concern to Bolton, after the council announced a £1billion ‘masterplan’ to transform the town centre.

In September, it was announced that a private consortium, Bolton Regeneration Limited, was looking to pump £250m into replacing Crompton Place Shopping Centre with a new state-of-the-art retail and leisure destination.

The project is expected to be completed between 2020 and 2026, though no official completion date has been set.

The shopping centre is expected to be extensively remodelled with an emphasis on leisure and entertainment venues.

Speaking in July, Paula Wood, manager of Crompton Place, said the ‘Masterplan’ is an “incredible opportunity” to transform the town centre’s appeal to shoppers and visitors.

She said: “It’s no secret that it has been a difficult time for the retail world for a while now, so it’s with great pleasure that we can grab this incredible opportunity to play a key part in the change of our town centre with both hands.

“The multi-billion-pound investment will create an exciting hub of retailers, restaurants and services at Crompton Place and beyond, which will bring people back to high street and deliver the kind of shopping, dining and leisure experience that locals desire and most certainly deserve.”

The investment was hailed by Bolton Council leader Cllr Thomas as a “fantastic vote of confidence in our town and our vision for the town centre”.

Bolton Council, in partnership with a consortium of private investors, said the new shopping and leisure complex was intended to “complement” the Market Place.

Cllr Thomas said: “Our plans for Crompton Place is to offer a leisure and entertainment destination for the town centre.

“We are aware of how people’s relationship with the town centre is changing, and we want to provide something that will complement the great shopping on offer at the Market Place.

“The intention was never to create a venue that will overshadow the Market Place as a shopping destination.”

The ‘Masterplan’ has attracted millions from private investors, including giant Chinese developers.

It is hoped the transformation of the town centre will combat the loss of shoppers who have gravitated to the Trafford Centre and Middlebrook in recent years.