Traders say they are still in the dark over their future at the market in the Victoria Centre almost two months after Nottingham City Council said it was minded to end the lease. The once bustling Victoria Market was home to more than 200 stalls, having stood for five decades, however today it is but a shadow of its former self with little hope of a future.
Towards the end of last year traders began hearing rumours the Labour-run city council had been planning to end the lease for the market in a bid to save money. In January of 2022 their fears became reality, as first revealed by Nottinghamshire Live, and a consultation took place to decide its future.
The Victoria Market had opened in the shopping centre upon its completion in 1971 and it soon became intertwined within the very fabric of the city. The six-week consultation therefore found the majority of people supported the council continuing to run, subsidise and invest in the unique space filled with quirky independents.
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But the cost of continuing to run the market is simply too great, the council argued, and it is forecast to save estimated running costs of £39m over the remaining 50 years of the current agreement. Council officers are soon expected to recommend the lease be ended.
Two months later from the council's announcement on August 9, however, traders are none-the-wiser as to when they may be forced out. "We are still in limbo," says Nick Clark, of Cobblers and Keys.
"They want to end the lease but they have not officially said when. They are playing their cards close to their chest, we have heard nothing.
"We do not want to move, but we have been looking at where to move, but we do not know where yet. If and when they do decide I have got to find somewhere I can afford, and that is difficult at the moment. It is difficult to make plans if you don't know whether you'll have a business at the end of it."
Will Swift, the co-owner of the Madhouse Nut Centre, was perhaps even more frustrated. He added: "It has been a complete shambles.
"They have not given us any update. What I think at the moment is they are trying to find out what the legal position is for them and how much it is going to cost to settle.
"It would be nice of them to tell us that. I have emailed, I have tried contacting Linda Woodings, the interim councillor for markets, but they don't have to reply.
"If the council is looking for us to relocate now, how can we? Energy bills are high, we've got the costs of living.
"Can they even afford to close it? It has made me feel sick, it is a complete joke. In Ashfield, Mansfield and Arnold they're investing in their markets, without swearing I do not know what to say."
The market has 200 stall units available, but today just 10% of these are occupied. Traders had blamed soaring rents for the lack of interest, with some as high as £1,000 per month for a small portion of floor space.
Many also criticised the council's use of cash on failed projects, rather than supporting long-standing ventures such as the market. The issues have prompted many to close, including the famous Mushy Pea Stall in April.
Serious financial problems began to become evident in 2014 when then-owner intu introduced increased and recalculated its service charges, and the council had been running the market at an annual trading loss ever since, having offered to subsidise the costs.
Troubles had been compounded during the first coronavirus lockdown, with rent for the stalls paused while they shut up shop as per Government guidelines. This however had to be paid back, with many traders owing thousands, and the council offered a flexible repayment scheme to allow them to do so.
A final decision however is yet to be made. In a statement a city council spokesman said: “We will shortly be contacting individual traders again and also having further discussions with the landlord of Victoria Market. The outcome of these confidential discussions will inform a final decision on the market.
“The remaining 50 years of our lease will cost the council an estimated £39m and, given that no sustainable alternative was identified through our recent consultation, traders are aware that officers are likely to recommend we end the lease and operation of the market.”
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