DEVELOPER Modus has given reassurances about its commitment to the £200 million Friars Walk for Newport city centre.

In an upbeat statement given to the Argus, the company also confirmed its commitment to the long-term ownership of Friars Walk.

Speculation has mounted in recent weeks with reports that a bank had withdrawn its backing for the scheme.

But Newport councillors were told earlier this month that the majority of the funding was already secured and negotiations were on-going with other banks for the remainder.

And retailers such as Debenhams, Marks and Spencer, River Island, New Look, Boots, Pizza Express and Nandos plan to open up shop in the centre.

Sixty per cent of the overall floor space had already been taken and a further 10 per cent was in the hands of lawyers.

Modus managing director Brendan Flood said: "We are committed to the city of Newport, both in terms of the development of the scheme and the long-term ownership of Friars Walk.

"To be close to having 70 per cent of the scheme let to some of the UK's top retailers more than two years ahead of the opening date is testament to the strength of the city as a retail location."

Friars Walk has been hotly anticipated and it is hoped it will revitalise the city centre as part of the regeneration programme.

It will provide 450,000 sq ft of new retail space, a multiplex cinema, a new restaurant quarter, a city hotel, 250 apartments and a new bus station.

Work on the development has been delayed.

It was due to start this Spring but at the last meeting, councillors were told it was due to begin within the next two months.

There was nothing in the Modus statement about this or whether it would be completed, as anticipated, before the before the Ryder Cup.