MALVERN Town Council has succeeded in its bid to buy a former bank branch, beating rival bidders.

Councillors signed off on plans to apply for a loan to help pay for the building, which will become the council's new offices.

Businessman Mike Clarke said he is 'disgusted' with the council for outbidding him, after he offered over £100,000 above the asking price for the property.

Mr Clarke, the managing director of software company AuraQ, put in a bid of £376,500 for the site in Church Street, Malvern.

The 58-year-old, of Hornyold Road, Malvern, wanted to turn the former NatWest branch into a restaurant and live music venue.

He said: "I'm disgusted. They bid over the odds by an awful lot of money to get a building for an office.

"To me it's a misuse of public funds. I wanted it to be something that would bring people into the town and provide additional employment in the area.

"The building is an attractive building and it could be something so much better than an office."

The council decided to apply for a loan to help pay for the building at a private meeting on Wednesday night.

Cllr Clive Smith said: "We were merely minuting the fact that the town clerk was authorised to apply for a loan from the Public Works Loan Board.

"It will be the new town council headquarters. It will also be where the new Tourist Information Centre [TIC] will be.

"We are in negotiations with the district council to take over the function [of the TIC]."

Cllr Smith said the proposed relocation of the TIC had not yet been agreed but was the council's intended outcome.

He added that the mortgage payments for the former bank branch building will be partially repaid by renting out the council's current offices in Belle Vue Terrace.

Cllr Jeremy Thomas confirmed that the council's bid had been accepted by the NatWest board and said councillors were considering moving the TIC into the building.

He added that council reserves will also be used to pay for the property.

Cllr David Chambers, leader of Malvern Hills District Council, said: “We have been approached by Malvern Town Council with a proposal to take on the running of Malvern TIC and we are seriously considering it.

“We have always stated our aim has been to retain a TIC within Malvern Town Centre and it does not matter whether that is achieved by us directly providing the service or via another organisation.”

“The Town Council were informed several weeks ago that their bid for the NatWest had been successful and are now progressing with the purchase.

“The Town Council hope to relocate their Belle Vue offices into the building and other uses are being considered.

“The council have also been in discussion with Malvern Hills District Council about the future - and possible relocation - of the Tourist Information Centre, but no decision or agreement has yet been made on this matter.

“Members of the town council agreed on a bid price for the building during a council meeting and had no knowledge of any other bids as it was a sealed bidding process.

“Malvern Town Council will be committed to preserving and retaining the uniqueness and architectural importance of this notable building within the town, using it for the benefit of residents and being its custodian in the long term.”

A NatWest spokesman said the sale had not been completed and declined to comment.