TRADERS in Wadebridge have secured the futures of their businesses by joining forces to purchase a large parcel of land in the town.
Previously they had held short-term leases on the Collop and Hughes Yard between Eddystone Road and Trevanson Street which were renewed annually, but together have paid a substantial sum for the land.
The landowners had proposals to redevelop the site with new shops, but first offered it to the five businesses which operate there.
But the deal had to be completed in just a few weeks, and the traders have thanked legal firm Stephens Scown and Lloyds Bank for their efforts in getting the deal done so quickly.
Terry Frost, who owns Camel Trail Cycle Hire, one of the businesses involved, said he and the other firms were indebted to the manager of Lloyds Bank in Wadebridge for the speed in which the deal went through.
Mr Frost said: "It looked as if my business was going to have to fold, because the landowner was considering developing the site with new shops, so when we were offered the site, we all got together with the idea of buying the land ourselves.
"Initially, the bank told us it would take a minimum of at least eight weeks to complete the sale, but thanks to Jason Parsons at Lloyds in Wadebridge who pulled out all the stops, it all ran very smoothly and the sale was completed in just four weeks, which was amazing really."
Five businesses clubbed together to purchase the land, one of which was Carpet Trader, owned by Geordi and April Watson.
Mr Watson said: "We had to dig deep to find the money, but, like Terry's, our business is now secure, which is fantastic."
His wife April said: "Stephens Scown were terrific and worked really hard on behalf of all of us to complete the sale by the deadline, because it was a very complicated transaction, and we are very grateful for all they did for us."