Chequing in Bank will replace River Island in arcade
THE River Island shop in the centre of Cheltenham is to be turned into a bank. Canada Life Investments, which owns The Regent Arcade, has exchanged contracts with Metro Bank on the 13,000 sq ft High Street unit which is currently let to River Island.
A planning application for changes to the building at 138-140 High Street says it would mean considerable physical enhancements, a contemporary shopfront design and create 25 new banking jobs.
Metro Bank, founded in 2010, promotes itself as different to usual high street banking - being open seven days a week from 8am to 8pm on weekdays.
A member of staff at River Island said employees were aware of moves for the building to become a bank, but said they had been told nothing about any future plans for the business in Cheltenham.
We have contacted River Island to ask them what the change means for its presence in Cheltenham.
Centre manager at the Regent Arcade Scott Lahive said he was pleased to be able to go public on the deal with Metro Bank.
He said: “This is one of the most prominent units in Cheltenham and we are delighted that Metro Bank will be an occupier at the front of our shopping centre, bringing their award-winning service to the High Street at a time when most other banks are closing
branches. “Metro’s arrival will provide a much-needed boost for the town centre in today’s challenging retail climate.” Ian Walters, managing director of retail and business banking at Metro Bank, said: “As the revolution in British banking, we’re excited to be coming to Cheltenham. “We’re committed to bringing amazing customer service to local residents and businesses in the area.” Cheltenham BID director Kevan Blackadder said: “It is very positive for Cheltenham town centre to see a major new bank opening here.
“I know they identified Cheltenham as somewhere they were keen to be and that they have been waiting for the right location.”
River Island declined our invitation to make a formal comment on its plans for the future.
But the Gloucestershire Echo understands the company is looking at alternative locations, but there are no firm proposals as of yet.
It is very positive for Cheltenham town centre to see a major new bank opening here
Kevan Blackadder