Council issues sad update on future of Nottingham's Victoria Centre Market
The update came from Nottingham City Council leader Neghat Khan
Nottingham City Council’s new leader has confirmed that the Victoria Centre Market will definitely close.
Last December Nottingham City Council confirmed that the market would close down this summer, but few updates since left some with hope that the decision could be reversed.
But now the market’s fate has been sealed after council leader Neghat Khan confirmed that the previous administration’s decision would be upheld.
Cllr Khan, who is also the executive member for strategic regeneration, transport and communications, said: “Our intention is to close Victoria Market.
“We met with traders on the 20th June, 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.
“We will work with traders individually over the next few weeks to agree a closure date and outline our approach and timescales towards closure.
“We will also work with asset managers, Global Mutual, to consider the long-term future of the vacant space.”
The council, which has subsidised the market’s operations for several years, effectively declared itself bankrupt last year after reporting a £23 million overspend in the 2023/24 financial year.