A new buyer has been lined up for The Spires shopping centre, days after a deal with a major property firm collapsed.

Owner UBS Triton had announced earlier this month it was finalising an agreement to sell the High Barnet shopping centre to Redefine International.

But the deal, which includes the dilapidated car park site of Barnet Market, unexpectedly collapsed last week.

Strutt and Parker, organising the sale on behalf of the owners, confirmed this morning that the site was now under offer to a new buyer who came forward in the past few days.

Chris White, organising the sale, said it was too soon to reveal the identity of the buyer but confirmed that negotiations are in the early stages.

UBS announced last year it was planning a major renovation of the market, in St Albans Road, but planning applications were only submitted to the local authority in January.

The latest developments on the sale mean further uncertainty for stall holders, who are looking to secure the redevelopment of the run down site.

UBS says it is willing to go ahead with the developments despite the impending sale but supporters remain unsure.

Friends of Barnet Market chairman Chris Nightingale said: “This latest development is another hiccup in a long line of delays that stretch back as far as the previous owners - we can’t start positive negotiations on the redevelopment until a new buyer is identified.

“We now have to wait until the planning applications are approved and at that point we will see if UBS is up to its word in continuing with the redevelopment plans.

“The most positive thing is if the sale is completed quickly and the new owners go through with the plans themselves.”

Chipping Barnet MP Theresa Villiers said last week the uncertainty over the sale was causing “real concern” for the market, which can be traced back 600 years.

Mr Nightingale added: “We are playing a waiting game now to see if this development goes ahead but at the same time we are still working to promote the market.

“We have had a lot of interest from potential stall holders and I’ve been amazed at the level of support we have received.”