The Point Shopping Mall has announced its successful negotiation of a new lease agreement with Classic Group Ltd, to take over the premises recently vacated by the winding up of Debenhams' Malta operations.

The new lease will commence on 1st July, and further information will be provided in due course, according to The Point’s announcement.

Classic Group has established itself as one of Malta’s premier jewellery companies. 

Prestigious brands represented by the Company include Diamonds International and Mont Blanc among others.

It is a family-run business, formed over 30 years ago, proud of its “vertically diversified” offering, which includes watches, jewellery, diamonds, and gold.

The vacating of its new premises comes as, on Wednesday, United Finance plc, which operates the Debenhams franchise in Malta, announced that due to the collapse of the UK brand, it would be winding up its Debenhams offering in Malta.

According to The Point, the termination of the lease of the Debenhams store in the outlet will be effective as of 30th June.