A MULTI-MILLION pound takeover of Burnley town centre is expected to be sealed within a fortnight.

Owners Great Portland Estates have revealed that it is in the process of finalising the details of a bid for an undisclosed amount from West Midlands firm Stannifer Developments.

The company said that since the decision to sell the Charter Walk and Curzon Square shopping centres was taken in August numerous offers have been made.

The company admitted that it had decided to turn its back on its multi-million pound investment in the town so it could concentrate on its operations in London, where it is based.

Stannifer, a property development firm, based in Stratford-Upon-Avon, is looking to expand its commercial portfolio and sees Burnley as an ideal acquisition, although it has yet to reveal its plans for the centre.

In the past the firm has bought and built shopping centres, leisure centres, business parks and commercial properties, mainly in Scotland.

Its portfolio includes Craigleith retail Park, Edinburgh, and the huge Marks and Spencer store in Glasgow.

Burnley Borough Council Leader Stuart Caddy said the bid was "fantastic news" and that the council was looking forward to working with a major developer with a good pedigree.

A director of the council, David Brown, met with representatives of Stannifer last week.

Stannifer spokesman Mark Simmons said: "We are looking to expand our portfolio of properties, and Burnley shopping centre is one of several we are looking at. We don't see any problems and it should go through in the next few weeks."

Great Portland Estates spokesman David James said: "Things aren't concluded until contracts are unconditionally exchanged and we are still in that process."

While Mr James confirmed that the bid was a firm one, he added: "All sorts of things can go wrong during a sale, so nothing is definite."

He also revealed that the three other shopping centres owned by the company across the country have been sold.

Great Portland Estates has owned the developments, incorporating more than 90 shops and 469,000 square feet of retail space, since the early 1990s.

Great Portland Estates refuse to reveal the size of the bid, but it is understood the group hopes the sales of its out-of-London sites will bring in around £240million.

Burnley MP Peter Pike MP welcomed the news and said he hoped redevelopment of the town centre would continue. He said: "Having dealt with many owners over the years, the current owners, Great Portland Estates, are by far the best.

"They have invested and the town centre is looking a lot better than it did when it was taken over.

"I would welcome the same commitment from Stannifer, and if they have any more it would be a bonus."

Burnley town centre manager Lisa Durkin said: "Whoever the new owners are we hope that they will build on the investment that has been put into to Burnley by Great Portland Estates over the past ten years and that they will use this as an opportunity to take Burnley's town centre forward."

The town has benefited from more than £35million of investment since Great Portland took over in the early 1990s.

Great Portland transformed the main shopping area into one of the top 150 centres nationwide, winning awards on the way.

It is understood proceeds will be used to repay group debtof nearly £700 million.