COUNCIL bosses in Burnley are understood to have found £750,000 to attract a new ‘anchor tenant’ to the town’s Charter Walk shopping centre.

Town hall leaders had initially set aside £150,000 in their annual budget to encourage a big-name retailer to come to the borough over the next 12 months or so.

But this award was apparently increased to three-quarters-of-a-million in a behind closed doors meeting.

The Lancashire Telegraph understands that any such arrival could result in other existing stores having to be relocated.

Council officials are staying tightlipped on the identity of any potential newcomer.

Debenhams has previously sparked controversy by withdrawing an interest in the Pioneer Co-op site.

And discount giant retailer Primark’s only East Lancashire presence is currently at Blackburn.

Opposition councillors have voiced concerns regarding the financial outlay, given that the council is being asked to find significant savings over the next three years.

Cllr Gordon Birtwistle, Liberal Democrat group leader, said: “This is being done under prudential borrowing, while we are given to understand that the council has no money.

“This would help the town centre and the council’s own portfolio by around 0.2 per cent.”

Councillors have been told that the authority would stand to gain as it receives 10 per cent of rental values from Charter Walk’s tenants A Burnley Council spokesman said: “The new store will create new jobs and safeguard existing jobs in the town centre.

“The investment will secure the council’s existing rental receipt from the Charter Walk shopping centre, which currently stands at 10 per cent of rents received and increase the capital value of the council’s surrounding assets.

“The presence of a high-profile anchor store, and the associated footfall, will make the Charter Walk shopping centre more attractive to other occupiers.”

Councillors have given permission for a decision on the project to be delegated to Cllr Wajid Hussain, the executive member for resources, and Paul Gatrill, the council’s finance head. after a business case is presented and independent external valuations sought.

Work is set to be undertaken to demolish the former cinema and open market building, at the rear of Charter Walk, over the next two years.