After months of speculation, pub chain giant, J D Wetherspoon, confirmed at the end of last week that it has acquired the old Palladium Cinema, in Midsomer Norton. What's more, Paulton Councillors are also welcoming the news that DIY group, Wickes, have submitted a planning application to redevelop the Focus site at Old Mills.

A spokesperson for the Wetherspoon's chain, which has over 920 outlets and is famous for its low prices on food and drink, said that the Palladium site would first need planning and licensing and, as yet, has no date for work on site or to be open. The projected development cost is £2 million and the company say it would employ up to 45 staff in the town.

Wetherspoon spokesman, Eddie Gershon, said: "We are pleased to have acquired a site in Midsomer Norton.

"Our aim is to open a Wetherspoon pub in the town, however, we will have to wait to see if planning and licensing permission is granted."Wetherspoon have reportedly been interested in buying the empty Palladium for many years. The site currently has planning permission and licensing in place for a nightclub and retail unit and the venue has now been sold completely to Wetherspoon, so should the chain fail to gain the planning permission it needs, it is likely it will be sold on again.

Similar to the concept behind South Road car park, it is thought this site could easily have brought in more money by being sold off for housing. However, this would not help regenerate the town and by selling to a chain, such as Wetherspoon, who are also investing in Keynsham and Shepton Mallet, it is hoped more footfall will be brought to the town and help existing businesses.

Wetherspoon do not have a music licence as part of its brand, so perhaps Midsomer Norton's live music culture will be safe – particularly if diners go into the town to eat, before moving on to other premises. Undoubtably though, the move will worry the town's publicans, as competing with national chain prices will be difficult – the counter-argument being that it should bring more people back to the town in the first place to share the trade. But the news is bound to be unsettling and opinions have been split locally.

The Palladium site first opened as an Empire Cinema in 1913, which made it one of the oldest cinemas in the country when it finally closed its doors in 1993. The last owners of the premises as a working cinema, Midsomer Norton residents, Ken and Shirley Steel, had been involved with the cinema since the 1940s, when Mr Steel worked on projections, before going on to own the business.

Speaking to The Journal this week, the couple said: "We are really pleased that the Wetherspoon development is going ahead, subject to planning permission. It will be a real boost for the High Street. We were in conversation with Wetherspoon some years ago, even when we owned the building, so it is good that finally there will be some progress on the site."

"It's always good to see evidence of people planning to invest in Midsomer Norton, particularly when it comes to such an iconic building that has become terribly run down," said Paul Myers, Mayor of Midsomer Norton. "We look forward to detailed proposals being submitted by Wetherspoon to the Planning Authority, who, along with the Licensing Authority, can weigh up the various issues.

"The Town Council will also take the opportunity to consider the proposal in public, before submitting its comments."