Plans for a new Tesco in Newport Pagnell have been scrapped.
The firm has told Milton Keynes Council that plans to open a superstore in Tickford Street will not proceed because of the company’s overall financial performance.
It would have been one of 49 stores being opened across the country. Tesco already has 13 shops in Milton Keynes, plus a Dobbies Garden Centre.
The letter to council leader Peter Marland from Tesco chief executive Dave Lewis said: “I am very sorry that we have not been able to deliver the investment that we intended.
“I know this news will be a real disappointment to many people in your community and we are extremely grateful for the support we have received for our plans.
“I am very aware of the importance of the site to the local community and I am determined that we will work closely with you and Milton Keynes Council to find the right solution for your community.
“My team will be in touch with you via phone call over the course of the coming days to answer your questions.”
Peter Marland said: ““bviously this Tesco application was very controversial and the news will bring a mixed response.
“However Tesco remains an important employer in the City with a number of other stores. With the previous cancellation of the extension to Wolverton, and the generals issues surrounding the business, there may be concern from some of Tesco employees about their jobs and I will be seeking assurances about Tesco commitment to MK when I speak to them later.”