A BUSINESSMAN has failed in his bid to buy a former bank branch, despite offering in excess of £100,000 over the asking price.

Mike Clarke, the managing director of Malvern software company AuraQ, offered £376,500 for the closed NatWest building in Church Street.

Mr Clarke, of Hornyold Road, Malvern, planned to turn the building into a restaurant with live music.

Malvern Town Council has also put in an offer for the building and intends to move its offices into the premises.

Mr Clarke, aged 58, said: "My belief is that the council might have got it.

"I'm not very happy about that. I don't think it's a building for the office.

"To use it for an office is a crime. Why does the town council need a building like that?

"My aim was to use it as a restaurant. Where you can go along and have a singer on stage and you can have a meal and entertainment as well.

"It's got a fantastic location and it's a lovely building."

Mr Clarke thought the restaurant could become a 'destination' in Malvern and draw in visitors from Cheltenham and Worcester.

The businessman found out that his offer had been rejected in an email from property agents, GVA, on Tuesday, August 22.

The email said NatWest had decided to pursue an offer from another bidder.

NatWest bosses said the branch had seen declining use over the years and blamed the closure in June on the rise of mobile and online banking.

GVA advertised the property on its website, with an asking price of approximately £275,000.

Malvern Town Council previously revealed plans to move its offices - currently in Belle Vue Terrace - into the Church Street property.

Sources claim the council also wants to take over the Tourist Information Centre and put this in the old bank branch.

The council is waiting for NatWest to respond before it comments.

A NatWest spokesman said: “Anytime we sell a property we will always progress with the highest offer that we receive as is standard practice in the sale of any property”.

GVA retail director Chris Wright also declined to comment.