(Image: Emma Rose Photography)

(Source: Deborah Linton/MEN)

Affleck's Palace has been saved from closure. The Northern Quarter shopping emporium has been bought out by landlords Bruntwood. They have struck the deal with manager and founder Elaine Walsh following months of negotiations.

The centre's future has hung in the balance since news broke a year ago that the 25-year lease would expire in June. Traders had been told they would have to leave by the end of January but were given a reprieve as crunch talks continued. Now they have learnt their futures are safe after the deal was secured.

In a joint statement given exclusively to the MEN, Bruntwood and the Afflecks' management team said: "After 26 years of trading, Afflecks management has sold their company to Bruntwood in an agreement that protects the future of Afflecks.

"Bruntwood will manage Afflecks while they look for a new owner who is skilled in running market-style businesses and can bring a similar level of enthusiasm and dedication that the existing management has."

A Bruntwood spokesman added: "Never in our 30 year history have we bought one of our customer's businesses but Afflecks is a Manchester icon that we wanted to protect. We aren't however expert in managing markets, so will look for a suitable long-term owner.

"In the meantime, the most important aspect is that we have arrived at a solution with Afflecks management that protects an independent retail environment and provides the existing stallholders with security." It is believed Ms Walsh and her team will now step down.

Around 8,000 people signed a petition to save the beloved city centre landmark when traders arranged a day of support there last month Roxxy Watson, who has run clothes stall Strawberry Peach for 13 years, said: "We've all got tears in our eyes, we're absolutely ecstatic. "It's our livelihoods and this means we can continue them. We produce specialist, individual stuff and we can keep that alive in the city centre."

Angie Hulme, who owns the Me&Yu clothing stall, said: "We're overjoyed. It's been a long drawn out process so it's great to finally be moving forward after so many months of uncertainty. "I'd like to think that everyone coming down to show their support made a real difference. This should be treated as a new beginning for Afflecks."

The centre, at the junction of Tib Street and Church Street, is recognised as a hub of creativity in the city and provided a springboard for fashion designer Wayne Hemingway, and his Red or Dead label, as well as property tycoon Tom Bloxham, the man behind Urban Splash.