Kerfoots, the historic department store in Porthmadog, ceased trading earlier this year but now looks set to be given a new lease of life.
Portmeirion Shops secured the troubled Kerfoots site at the recent Pugh property auction, and have announced they plan to re-open the much-loved store.
Liquidators were called into the business in August, shortly before the shop closed its doors, despite trading for over 140 years.
Plans by the group are to reopen the site next year.
Robin Llywelyn, Managing Director at Portmeirion said: “The directors of Portmeirion Shops Ltd today confirmed that the company had bought Kerfoots, Stryd Fawr, Porthmadog. The shop will be opened in spring 2019 as a ground floor retail unit and first floor cafe."
He added that "New job opportunities will be created as a result of this development".
The store sold at the Pugh Auction held at the AJ Bell stadium for £325,000.
Paul Thompson, Managing Director at Pugh Auctions said: "This store has been at the heart of the community here since 1874, so it gives great satisfaction to know it will be reopened and be given a new lease of life, bringing with it a series of new job opportunities."
Established 26 years ago, Pugh is the largest auctioneer outside of London and was acquired by property consultant Eddisons in 2016. The firm’s next property auctions will take place at Leeds United’s Elland Road football ground in Leeds on 4 December and at the AJ Bell Stadium in Manchester on 6 December.
For more information on our property auctions or to see the current available auction lots, please go to www.pugh-auctions.com
Prior to its acquisition in 2016, Paul was the owner and managing director of Pugh Auctions, one of the country's leading property auction houses.
Paul has overseen the integration of the Eddisons team into the Pugh Auction brand and as MD leads the strategic direction and development of the new combined auction business under the ownership of Begbies Traynor Group plc. Through his position on the RICS Auction Steering Group, Paul is also part of the committee responsible for implementing policy and driving standards in the auction industry.
In addition to a 15 year successful track record in auctions Paul has a wide range of experience through work in the construction sector in private practice with Faithful & Gould and with Main Contractors plus working in a global building consultancy team specialising in project management and advising Banks and Insolvency Practitioners on a range of national and international cases.
Please follow this link to view all upcoming Pugh auctions.