Council refuses to release details of £3m loan to multi-millionaire Northampton shopping centre owners to facilitate H&M move
West Northamptonshire Council (WNC) has refused to release documents relating to a £3 million loan it provided to the multi-millionaire owners of Northampton’s Grosvenor Shopping Centre, which helped fund H&M’s move into the shopping centre.
A Freedom of Information request submitted by this newspaper asked for documents, including legal agreements, funding conditions, and correspondence, relating to West Northamptonshire Council’s (WNC) decision to provide a £3 million loan to the owners of the Grosvenor Centre, Evolve Estates, including any references to H&M.
The council told the Chronicle & Echo that releasing the information could harm the commercial interests of all parties and compromise legal advice, saying officers need to be able to discuss matters with their lawyers “freely and frankly” without fear that the discussions will be made public.
While acknowledging the public interest in transparency, WNC said that, “on balance, the public interest is better served at this time by withholding the information.” The council added that the commercial sensitivity exemption may reduce once agreements are finalised and confirmed no final agreements have yet been signed.
WNC has been contacted for an update on the status of the loan.
The loan, approved by the former Conservative cabinet in December 2024, aimed to keep H&M in the town after it announced it was leaving its long-standing Abington Street premises for reasons unknown. Cross-party opposition raised concerns over the financial prudence of the deal at a January scrutiny committee, but the plans passed and H&M opened inside the Grosvenor Centre in summer 2025.
Under the scheme, £2 million was allocated to H&M’s relocation, £1 million for flexible office spaces at Belgrave House operated by Wizu, and £375,000 for “micro shops,” with the council set to receive 50% of profits over ten years. Officers said the deal also allows solar panels on the Grosvenor Centre car park, two hours of free parking for a proposed gym in the former Sainsbury’s unit, and lifts restrictions on Belgrave House to allow office or retail use.
Assistant director of assets and environment, Simon Bowers, described the deal as a “once-in-a-generation opportunity” to regenerate Greyfriars, adding that the council had limited options: either approve the loans or risk H&M leaving and Belgrave House remaining vacant. Former Tory cabinet member Daniel Lister said the investment was “small” compared with the scale of the development and would be repaid with security.
Evolve Estates, part of the M Core group which manages a pan-European property portfolio valued at up to £6 billion, took over the Grosvenor Centre in 2023.