The blaze broke out at the old Odeon cinema and Tokyo Jo's nightclub in Church Street at approximately 6.45pm on Thursday (May 19).
Smoke could be seen billowing from miles around as firefighters battled through the night to get the flames under control. Search dogs were brought in to explore the building, but no one was found and no injuries were reported.
Lancashire Police have now annoucned that a 14-year-old boy has been arrested in connection with a joint investigation with Lancashire Fire and Rescue Service.
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Det Insp George Binns, of Preston CID, said: “While we have made one arrest our investigation is very much ongoing and I would appeal to anyone who has seen anything suspicious in the area yesterday, or in the recent days and weeks, or anyone who has any information which could assist our enquiries to get in touch.”
A spokesman added: “We are not in a position to give a cause or to say whether the fire was started deliberately.”
Road closures are in place on Church Street, and the area is also closed to pedestrians. Emergency demolition work is required at the site, with completion expected by Monday, May 23.
Anyone with information should contact police on 101 quoting log 1347 of May 19th. Alternatively contact independent charity Crimestoppers on 0800 555 111.