Nottingham market in doubt as council eyes lease exit

The council said the cost of seeing out the market's lease would be £39m

A city's indoor market could close after the council said it could not afford to keep it going.

Nottingham's Victoria Centre market has been running since 1971 but only about 30 of 200 units are currently occupied.

The council said it heavily subsidised the market and keeping it open for the remaining 50 years on the lease would cost £39m.

It has started a consultation but said it felt the most viable option was to exit from the lease.

Traders have accused the council of closing the market by stealth

The council leases the market space from the shopping centre's owners and provides a significant annual subsidy, officials said.

In 2015, previous owners intu increased the service charges for the market up to the same level as other retail units in the shopping centre, the authority said.

The council also said its own financial pressures meant it could not afford these costs, or any investment in facilities with a view to bringing in new operators.

Nor, it claimed, was it likely the market could be moved elsewhere.

Traders have previously accused the council of not investing in the market to close it by stealth.

Linda Woodings, from the city council, said: "In its heyday, Victoria Market was a busy, popular market but sadly although the small number of customers who still use it have great affection for it, it has been under-used for years.

"Increased service charges by the previous owners intu, bringing the market in-line with other retailers, meant the council has had to subsidise its operation for many years, turning it into a financial liability for us - a situation which was worsened by Covid severely impacting traders' income.

"The sort of investment that would be needed is something we simply cannot afford when our budgets are being squeezed by other demands and reduced income from government."

The six-week consultation process began on Monday.

Stephen Taylor's grandfather started the business at the old market site

Stephen Taylor, whose grandfather started the family business at the old market, said he thinks the site has been "mismanaged for the past five to seven years".

"It's gone rapidly downhill, they seem to be stopping us from wanting to trade," he said.

"[The council] are determined to save money by getting rid of us on the cheap.

"This market is a viable market - it can be again a thriving market."

Lynne Cowie said she hopes the market can be saved

Customer Lynne Cowie said she has been coming to the market since she was a child and would feel "very sad" if it shut.

"I remember [when] it was on two floors and it was full," she said.

"I did love it, but there's hardly any stalls left."

Makale Toure said she enjoyed supporting small local businesses in the market

Makale Toure said the market had been an important part of her life since she moved to Nottingham.

"It's been a huge part of my growing up here," the 18-year-old said.

"I love supporting small business, especially after the pandemic."