The plan to invest £48m in the centre on a mixed-use leisure and retail scheme has been put together by Peveril Securities – part of the Bowmer and Kirkland Group – and their development manager Cordwell Property Group.

It includes a new eight-screen cinema, gym, restaurants and shops and would also feature a new bus station and 450-space multi-storey car park, both of which would be funded and owned by Cheshire East Council.

To push ahead with the regeneration plans, the council will decided next week on whether to invest £15m, alongside the allocation of £10m of funding from Cheshire and Warrington Local Enterprise Partnership, which the council hopes to secure later this month.

A further £24m of private sector investment will be drawn in for the commercial elements of the plans.

Councillor Don Stockton, Cheshire East Council cabinet member for regeneration, said: “Following consultation with residents in 2015, we’ve been working with cabinet members, local members and officers to bring together proposals which will transform Crewe town centre.

“It’s essential that Crewe becomes better placed to benefit from all that HS2 can bring.”

William Warrack, managing director of Cordwell Property Group, said: “Both Peveril Securities and ourselves have significant experience of delivering successful town centre regeneration schemes.

“Our discussions with commercial occupiers in the leisure and retail sectors give us a great deal of confidence that we can successfully deliver this development for Crewe.

“Subject to planning approval, we expect to start demolition of the site next summer, with our first priority being the construction of the new bus station while the current one continues to operate.

We plan that the whole development will be completed for opening by Christmas 2020.”

In a linked report being considered at the same meeting, members will be asked to support the development of proposals for a history centre, which would play an important part in future regeneration plans.