A POPULAR town centre bar could soon have a new owner with talks under way.

Theatre Bar owner Mike Fallon put his venue on the market for £549,000 in October as part of his retirement plans.

Having owned the Cavendish Street bar for 13 years the 67-year-old has decided the time is right to hang up his bar towel.

As a freehouse, and in a prime location, the Theatre Bar is a hugely popular venue for those enjoying a night out in Barrow.

Mr Fallon has now revealed he has had 'lots of interest' from prospective buyers and has confirmed that the owner of a Barrow pub is in the 'early stages' of buying the Theatre Bar.

"Nothing's been signed, sealed and delivered yet and it's in the very early stages," Mr Fallon said.

Adam Healey, who owns Traditions in Hindpool Road, is currently 'in talks' with Mr Fallon with a view to buying the Theatre Bar.

Mr Fallon, who owned the Wheatsheaf for 14 years before moving to the Theatre Bar, said: "Adam is talking to me about it at the moment.

"I've had a few people contact me, we've had a lot of interest but one of the problems people have found is that the banks will only lend on property, not on a business.

"So it requires someone to come up with the cash.

"I'm hoping to retire shortly so fingers crossed it goes ahead."

With his retirement, Mr Fallon will also relinquish his role with the Licensed Victuallers Association, a collective representing the interests of self-employed landlords in the licensed trade in the area.

Formerly known as the Theatre Inn, or Theatre Hotel, the Cavendish Street bar first opened in 1877.

The Theatre Bar isn't the only town centre venue currently on the market.

The Knights, round the corner in Dalkeith Street, is also up for sale at a price of £225,000.

Described in the sales brochure as a 'highly deceptive freehold property', The Knights is said to have 'tonnes of potential and is versatile for use' but has been on the market for around a year.

It could well be seen as an opportunity for conversion into accommodation in line with the former Crystal Palace just up the road.