A STORE described as ‘the heart of Old Town’ is set to close after trading for 13 years, despite support from dozens of loyal customers.

Shoppers at Top Drug in Wood Street pledged to organise a protest when they heard their favourite shop would probably be shut before the 25-year lease on the building expires in December.

But business owner Colin Zabel decided to start the process to wind-down the operation and sell-off £130,000 worth of stock after he was offered a short-term lease extension rather than the long-term renewal he wanted.

Landlord James Phillips, who is currently negotiating to sell the building, said he could not offer the premises for longer because he wanted flexibility due to the economic climate.

Mr Zabel, 66, said: “It is the worst thing ever in my life.

“I don’t want to do it, I hate myself for doing it. Every moment is despair now. My customers, who offered to protest to save the store, will miss us and will be sickened by the whole thing.

“It will rip the heart out of Old Town.”

Mr Zabel, a former market trader, took over the lease to set up his store after pharmacist Shawer & Blake closed.

Over the years, his shop has become one of the most popular and versatile in Old Town, selling everything from non-prescription medicines, through to general household supplies and sewing accessories.

Mr Phillips recently started discussions to sell part of the store to Rokib Ali, a partner at Biplob tandoori restaurant, which currently occupies the basement floor.

Both parties have confirmed the sale is not yet complete.

Mr Zabel, whose lease ends on Christmas Day, started to wind down the business earlier this month, fearing the lease would not be extended.

On Tuesday, Mr Phillips offered a 12-month extension, plus a six-month notice period, however Mr Zabel refused and handed in his notice yesterday.

Mr Zabel has now cancelled all orders and plans to start a closing down sale on Monday, with the aim of shutting before November 30.

Mr Zabel said: “The extension is just prolonging the agony. The 12 months would just be spent waiting for the time to close.

“I am a long-term businessman, I have to plan a long way ahead. If he will give me a 12-year lease or sell it to me I will snap it up.”

Mr Phillips said he had recently lost millions of pounds due to the economic downturn and he did not want to be tied down.

“I have got to leave all my options open but he has also got the option to stay on,” he said.

“He has got to have six months notice, I offered an extension for 12 months and he said that was good for nothing.”

He stressed that any new owner would have to honour the lease but suggested that Mr Zabel could end up paying less rent if he moved to other premises.