A pub chain has pulled out of its initial plans to develop a pub and hotel, following a petition to stop it.

Basildon Council has received written confirmation that pub, restaurant and hotel chain, Marston’s, no longer intend to progress with proposals for Wickford.

Labour council leader Gavin Callaghan has expressed his disappointment but called the news an “opportunity for potential investors”.

Marston’s no longer intends to progress its plans due to a national freeze on spending.

The company announced that it was accelerating efforts to reduce its corporate debt by deferring £70m of new-build investment.

Mr Callaghan expressed his disappointment at Marston’s decision but remained upbeat about the potential for the site: “I am sorry that Marston’s are no longer in a position to invest in Wickford. Wickford is a brilliant town and there is lots happening. This is the time for investors. This site now represents a new opportunity for other potential investors who share our ambitions to regenerate our towns by bringing jobs and welcome additions to the local economy.”

Councillors will consider their options on how to proceed with the site at a meeting of the Policy and Resources Committee in September.

This will include an OJEU procurement to invite suitable alternative providers to bring forward proposals.

A petition has been launched by the group Wickford Save Open Space (SoS) urging Basildon Council not to proceed with the plans by the pub chain