The burglar accessed the temporarily closed Plug and Taps craft beer bar in Preston, Lancashire, and then broke into George Banks Jewellers in the early hours of Monday.
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Police say the offender entered the city-centre jewellers in Lune Street at about 4.30am and made off about five minutes later after he broke into a number of display units.
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Detective Constable Mark Thornton, of Preston CID, said: “An investigation has been launched after a major theft from a jewellers in Preston.
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“It is believed at this stage that a man has broken into the building after smashing through the adjoining wall of Plug and Taps using power tools.
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“The offender has then broken into a number of display units stealing a substantial amount of jewellery before making off from the scene a short time later.