A DEVELOPER has vowed to bring more retailers to a North-East town.

St Modwen is in advanced talks with regional and national traders about opening stores in Billingham, near Stockton.

The regeneration company bought Billingham town centre in a £14.25m deal two years ago, promising to overhaul shops, leisure and business sites.

It previously sold a 1.6-acre site to discounter Aldi, which is creating about 30 jobs in a store on the site of the former Billingham Arms Hotel, and has extended leases with existing tenants, such as clothing retailer M&Co.

However, bosses say they are close to revealing further new arrivals as they seek to make good on their vision for the town.

Richard Bannister, North-East and Yorkshire regional director, said St Modwen’s investments, which include sites in South Yorkshire, were performing well.

He said: “Billingham continues to enjoy increasing footfall as we welcome new retailers and extend leases with current tenants.

“We have continued interest from regional and national operators and expect to make further announcements shortly.

“With its fantastic mix of national brands and independent retailers, the town centre continues to thrive.”

Mr Bannister was speaking after St Modwen unveiled its financial results for the six months to May 31.

Bosses revealed revenues increased £24m on a year ago to £159.7m.

However, pre-tax profits fell from £206m to £30m as the company felt the loss of a previous £128m gain at its New Covent Garden Market property.

It was also knocked by a one-off £13m lift in UK stamp duty and a £21m reduction in the valuation of New Covent Garden.

Bill Oliver, chief executive, said the firm’s £1.7bn portfolio had allowed it to maintain its forward thrust, though he warned the fall-out from the EU referendum could affect future plans.

He added: “Our 6,000-acre land bank provides us with flexibility to focus on areas of the market that will provide the strongest shareholder returns.

“(However), following the referendum, we are now operating in a period of uncertainty in relation to many factors that impact the property market.

“While it is too early to accurately predict how the UK property market will respond, until we have more clarity we believe it is appropriate to take a more cautious approach to our development.”