Victoria Market closure date to be agreed 'over the next few weeks' as council issues update

A view from inside Victoria Centre Market in Nottingham, as it looked in March
-Credit: (Image: Reach Plc)

An update has been issued by Nottingham City Council regarding the future of the Victoria Centre Market, confirming its intention to push forward with its closure. A statement from the authority's leader, Cllr Neghat Khan, says the council "cannot justify continuing to spend tax payer's money" on the city centre market.

Cllr Khan, also executive member for strategic regeneration, transport and communications, said: "Our intention is to close Victoria Market. We met with traders on June 20, today, to explain that the council cannot justify continuing to spend tax payer's money to heavily subsidise the market, and the ongoing costs of maintenance means that the market is no longer sustainable for the Council to continue to operate it."

Cllr Khan added that a closure date for the market will be agreed with the traders over the coming weeks, with the future of the vacant space also yet to be decided. She said: "We will work with traders individually over the next few weeks to agree a closure date and outline our approach and timescales towards closure.

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"We will also work with asset managers, Global Mutual, to consider the long-term future of the vacant space." The update comes as traders were initially told the council would surrender its lease on February 24, 2022, with some having signed compensation offers and arranged new premises to move into.

This date came and went with no further certainty and it was eventually confirmed that negotiations had fallen through with Global Mutual, the asset managers of the Victoria Market. Traders remained in a state of limbo until a meeting called on December 11, last year, saw Nottingham City Council say that it wanted to close the market this summer.

The authority described the negotiations with Global Mutual as "both complex and protracted". The lease agreement is said to have cost the council £39 million over the next five decades.