At last night’s Isle of Wight council Executive meeting, members voted on recommendations to vary the terms of the Lease with ASDA.
As reported last week, the supermarket chain, owned by American leviathan Walmart, had demanded changes to the Lease before agreeing to purchase the land next to Newport FC’s ground on St George’s Way.
ASDA wanted to knock £2.4m off the price of the Lease, as well as vary parking restrictions and delivery times. The discussion was held in private, but following the meeting, the council tweeted the outcome.
Executive agrees to vary terms of Adsa lease & complete transaction on 1/9/15. It will issue legal proceedings if not completed on that date
— IOW Council Official (@iwight) May 14, 2015
Full details in the paper below. Click on the full screen icon to see larger version.
Image: Images Money under CC BY 2.0
