A BUSINESSMAN is hoping to cash in on a former bank building by turning it into a pub.

The prominent building in Bishop Auckland Market Place has become a rundown eyesore since Barclays Banks closed its operation there in November 1999.

Now it is to get a new lease of life with a £750,000 investment if plans for the pub are approved by Wear Valley District Council.

Bishop Auckland businessman Wayne Baister bought the building about a year ago with the intention of turning it into a retail unit and head office for his Bertie chain of designer clothing stores.

But he was soon approached by a company which showed interest in turning the building into a pub and suggested he applied for a licence.

He said: "I decided to give it a go and got solicitors involved and pushed for a licence. I got it and now architects are looking at the place."

Mr Baister has submitted a change of use application to Wear Valley District Council and will have to wait to see whether councillors support his venture.

He said he is looking at retaining as much of the building's features as he can, and restoring it as the market place centrepiece it once was.

He said: "We are looking at a design that will keep the character of the building. I want someone who can come in and make use of its features and restore it.

"It will take time to maximise its potential. We are not looking at some two pence business ,we are talking about a three-quarter million pound investment in order to get this building right."'

Mr Baister acknowledged there were a lot of pubs in Bishop Auckland, but said that if things were done correctly, there was room for another.

"I think there is a market for it. Things don't happen overnight. It took about six months to get the licence and now we have the planning process to go through. we want to restore this building to what it should be," he said.