NEW businesses will soon be blossoming in Old Town's Wood Street despite the closure of one of the area's most popular cafes.

Thriving caf Panache has closed just 18 months after it opened to sell home-baked bread, pastries and meals.

PPI (Personal Property Investment Company) is the estate agent handling the property. A representative from the company said, "Panache has shut, but for legal reasons we are unable to disclose anymore information on the outlet at present."

Councillor Fionuala Foley, (Con Old Town and Lawns) was a regular customer to Panache. She said: "I am disappointed that Panache has closed and I hope that a new buyer for the business can be found. I am just hoping that a new patisserie, which has recently passed through planning, will open soon."

Many of the shops have stood empty for a long period including the former Old Town Antiques shop opposite the King's that has been vacant for the last 18 months.

However, this property is currently being refurbished by Thompson's estate agents with the hope of drawing investors in.

New stores opening, include a gift shop in the former Natwest Bank, which is currently undergoing an extensive transformation.

An interior designer will move into the unit previously occupied by the hardware shop Limmex on the corner of Wood Street and High Street and a coffee shop in the outlet previously occupied by a wool shop and Ken's greengrocers.

Richard Deacon, chairman of the Old Town Business and Professional Association and proprietor of Deacons and Son Jewellers, in Wood Street said there was a need to promote business in the area.

He said: "I'd like to see more specialist retail come into Old Town. The area needs to be different from the shops available in the town centre. Ladies' fashion would be a good thing to see more of."

Of the six ladies wear outlets once in the street, only Juvals has survived. Dentry's a male fashion outlet, once situated on the corner of Wood Street and Devizes Road closed to become one of the areas many estate agents.

Mr Deacon hopes that homes and apartments that have been built behind Wood Street, will attract more shoppers into the area.

The properties have had a mixture of buyers, ranging from young professionals to those wanting Old Town as a base who don't want to own a car.