Abingdon's Bury Street shopping precinct looks set for a major refurbishment.

After years of deadlock between the leaseholders Threadneedle, part of American Express, and the Vale of White Horse District Council, an agreement appears to be edging closer.

Council executive member for property Richard Farrell said: "There will be a private and confidential briefing from representatives of Threadneedle to councillors before the start of next week's full meeting of the council.

"As soon as we are in a position to make a public announcement, the Press and public will hear, but at the moment there is not much more I can say."

The news has been welcomed by traders who see a revamped 36-year-old precinct as key to the future revival of Abingdon town centre. Five years ago, a deal collapsed when the council, which owns the freehold, said it would not have been in the interests of the council or traders.

Nick Cosford, who runs the Gift Centre, has been campaigning to get Threadneedle to give the precinct a makeover.

He said: "I'm very pleased to hear that things are moving. It is long overdue but we wait to hear the details."

Abingdon town councillor and secretary of the Oxfordshire branch of the Confederation of Small Businesses Sandy Lovatt said: "People moan about the rise of supermarkets like Tesco, yet they continue to use them and ignore smaller traders.

"In Abingdon, we have to raise the awareness of the town centre and make parking and access easier. The precinct needs freshening up."

A survey of shopping habits is to be carried out in the town this summer following a Retail Capacity Study commissioned by the Vale council 18 months ago showed customers were preferring to shop elsewhere.