The boss of a historic Oxford photography firm insists that it will be business as usual despite its premises being sold.

Gillman & Soame, which specialises in photography for the Oxford colleges and local schools, will be forced to uproot after its base in Trajan House, Mill Street, Osney, was sold to developer WE Black for more than £2m.

But director Gary White said: "We will relocate within the city. The business will be unaffected and we will continue to work as we have done since the 19th century."

The company, established in 1836, employs about 70 people and has enjoyed a period of stability, since twice going into administration in less than a year between 2002 and 2003, resulting in scores of job losses. It will move when its lease comes to an end in the middle of next year.

The sale of Trajan House marks the end of long-running uncertainty about the future of the building, which dates back to 1970.

In 2005 plans for a gated high-rise block of flats had to be withdrawn at the last minute in the face of heavy criticism from councillors and residents. The riverside site is within a conservation area and near to Mill House, a Grade II listed cottage.

Now the site has been sold, it is set to be completely refurbished, although is likely to remain as office accommodation.

Chris Wilmshurst, of Oxford property agents Kemp & Kemp who handled the sale, said: "The site will be redeveloped and Gillman & Soame, which only occupies part of it, will move to a more appropriate home."

The Oxford Trust, which owned Trajan House, said £7m had been raised from the sale, and that of the neighbouring Oxford Centre for Innovation.

The cash will be used to develop a new site for Science Oxford, now in St Clement's, to provide a showcase centre featuring space for scientific exhibitions and performances as part of the city's west end redevelopment.