Nottingham City Council confirms Victoria Market closure
Local authority begins the process of ending traders' leases
Last updated 10th Sep 2024
Nottingham City Council has confirmed the planned closure of the Victoria Centre Market – telling some traders their leases will be terminated by March next year.
The Labour-run authority says it is terminating legal agreements with traders who have break clauses, while others have been served notices for not paying rent.
The council first announced its intention to close the market in 2022, saying it had been forced to subsidise it ever since the centre’s previous owners, intu, put service charges up in 2014.
But it then missed a number of planned dates to begin the closure process, including one earlier this summer.
One trader served notice this week said the authority’s handling of the market had been “appalling” and closure will stifle the development of independent businesses in the city.
In a statement confirming the start of closure action, the council said a collective £400,000 is now owed by some traders who have not been paying rent, adding any traders who have failed to pay rent for more than three months will be asked to vacate.
“We have recently confirmed our plans to close the market and have served notice on traders with significant rent arrears,” a spokesperson for the council told the Local Democracy Reporting Service.
“Unfortunately, several stallholders have breached their legal agreements by failing to pay rent, collectively owing the council over £400,000. Any trader with more than three months of unpaid rent will be formally notified to vacate the market.
“With the council facing substantial financial challenges, it’s crucial that we address these outstanding rent issues. Additionally, we will be terminating legal agreements with traders who have applicable break clauses to cease their occupancy at the market.”
Keeping the market open for the remaining 50 years of the council’s lease would cost in the region of £39m, the council said, while maintenance and investment would cost millions in taxpayers’ money.
A deal with centre managers Global Mutual fell through last year, leaving the market open past the council’s original planned closure date – leading some traders to say they felt left in the dark.
After the council declared itself effectively bankrupt in November last year, traders were then told the market would close this summer.
In June the authority confirmed it was still looking to close the market, however the target closure date was missed again.
Some traders have now been served termination of lease letters stating they must vacate by March 25, 2025.
John Easom, of Gold Bank Jewellers, said he has been served a notice because he had a break clause in his agreement.
He has now approached his solicitor for advice.
“Several traders were withholding rent because of three years of really bad performance by the council who haven’t provided a service and have acted like a rogue landlord.
“We have had no lift, no loading area, no toilets, no information from the council who deliberately ran down the market as they don’t want to run services.
“Their actions in the running of this market have been appalling and they should hang their heads in shame.
“Labour are supposed to be revitalising the high street and yet Nottingham Labour are trying their best to close 27 independent businesses.
“They have served notice on me with a break clause in my agreement. They have served notice on most of the stalls on the front of the market which will close this market by stealth. I feel extremely sorry for the future retail businesses of Nottingham city that now will have no place to start.
“This is not an attempt by me to get compensation from the council, and I was fully aware my agreement had a break clause. I feel sorry for my fellow market traders who are hard-working, independent businesses, who have now effectively been shut down.”
Nick Clark, of Cobblers and Keys, said he is yet to receive any termination of lease notice.
A meeting between council representatives and traders is scheduled to take place next Thursday, September 19.