The Victoria Plaza shopping centre will not be sold off until all refurbishments are completed, centre chiefs have claimed.

London-based developers Bourne End Properties Ltd announced in July that they were putting all their assets up for sale and giving the capital to shareholders.

But now the firm says it wants to upgrade the Plaza before it even considers looking for a buyer.

The news comes in the week traders are due to meet with centre bosses to discuss plans to privatise the walkways, currently owned and maintained by the council.

And they have also revealed that at least four big unnamed firms are interested in taking over the centre's biggest unit - vacated by C&A in January.

The council is not set to consider the privatisation plan until September at the earliest.

Bourne End deputy development director Jo Reidy said: "The firm's properties are being sold off over the next 12 to 18 months but this one is not up for sale at the moment.

"We need to get someone for the main unit and we need to have various planning permissions before refurbishment can begin. That is ongoing."

Traders association chairman Tony Belyavin declined to comment until after the meeting with Bourne End.

But earlier, traders have angrily accused the firm of not investing enough in the centre.

More than a third of the shop units remain empty. Most are on the top floor of the centre.

Mr Reidy said: "We do have quite a lot of liability on the centre because of the empty units but I could not say we are losing money."

The firm bought the centre three years ago as part of a bigger property package from the Burford Group for £30 million.

In 1995 the Burford Group bought it from Sandfield Lynton for £11.5million. The decision to sell off all its assets was made by the firm's board in July because of widespread disenchantment in the property sector.

By James Taylor

Reporter's e-mail: james.taylor@notes.newsquest.co.uk

Converted for the new archive on 19 November 2001. Some images and formatting may have been lost in the conversion.