MARKS and Spencer has ended years of uncertainty by confirming its commitment to Farnham’s £115 million Brightwells regeneration scheme.

Speculation had persisted over the viability of Brightwells £40m retail element despite Waverley Borough Council signing an unconditional agreement with developer Crest Nicholson and funder Surrey County Council last month, allowing construction to commence.

However, having previously resisted backing the scheme publicly, M&S has finally confirmed it will provide Waverley and Crest’s coveted “anchor” store at the centre of the development.

Kristina Dodd, of the retailer’s executive team, said in a letter to West Street resident George Hesse: “I can confirm we will be opening a store in the Brightwell Farnham plot. We have legally committed to this project and all of the terms and conditions have been met.”

It represents another significant boost to Waverley’s long-delayed development scheme, and contrasts with tales of retail’s downfall in the UK as addressed by the Prime Minister Theresa May this week in announcing new planning rules to adapt to modern shopping habits.

“Retailing is changing, with buying more goods online, and one of the elements of the new planning rules we’re setting out is to make it easier for shops to be turned into housing if that’s appropriate, but also for development above retail units to take place,” said the PM.

“Often there’s a very good argument for having homes being built in the centre of town, accessible to shops, accessible to transport infrastructure as well. And greater extension upwards can be, I think, one of the solutions for ensuring we’re building enough homes.”

It comes as Argos has this week completed its relocation from its premises of 34 years in West Street to Sainsbury’s in South Street, while Prezzo announced it is closing 94 restaurants nationwide this week - although its Farnham restaurant in West Street has so far avoided the chop.

The BBC also reported this week that another Italian chain Carluccio’s - which is set to occupy the newly extended Brightwell House in Waverley’s development - has called in accountants KPMG after joining a lengthening list of chains losing the battle against higher costs and increased competition.