Victoria Centre Market traders have had no detail on closure since Christmas announcement

The Victoria Centre Market is due to close this summer

Traders at the Victoria Centre Market say they have been given no further detail on the venue’s closure almost two months on from Nottingham City Council’s announcement. Many businesses are already out of pocket after the city council first said it would be surrendering its lease on the site, which opened in 1971.

Traders were told the lease surrender would take place on February 24 in 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 council said negotiations with Global Mutual had been “both complex and protracted” and that talks would continue over the termination of the lease agreement, which the council says would have cost it £39 million over the next 50 years.

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Despite that announcement, the dozens of traders left at the market say they have still not had any firm closure date and have been unable to get any replies from council officials or leaders. John Easom, who runs Gold Bank Jewellers, said: “They’ve still not spoken to us or the Victoria Centre and we’re in February now. I think they are in a bit of a quandary.

“They should not have called that meeting and to do it just before Christmas seemed nasty.” Mr Easom also said that despite the council’s repeated argument around “changing shopping habits”, hundreds of applications were reportedly recieved from stallholders wanting a space at Lincoln’s newly revamped Cornhill Market.

Nick Clark, who has run the Cobblers and Keys store at the Victoria Centre Market for the last seven years, said: “We are protected by the Landlord and Tenant Act of 1954 – if they are going to close it down, they’ve got to offer us alternative accommodation.

“Despite how badly they’ve run this market, I’m still washing my face and making some money, so I’m not doing too bad. It would be nice if they sat us down and spoke to us like grown ups, instead it’s all cloak and daggers.”

Global Mutual was appointed asset managers after the collapse of intu in 2020, with the Victoria Centre itself now owned by SGS. Nottingham City Council has been contacted for comment on its latest position surrounding the Victoria Centre Market, but it did not respond in time for publication.

Councillor Pavlos Kotsonis, the council’s portfolio holder for leisure and culture, previously said: “In its heyday, Victoria Market was a busy, popular venue but sadly it has been under-used for years. There is an ever-decreasing number of loyal customers who retain great affection for it, but, more widely, people’s shopping habits have changed. This is a national trend, not unique to Nottingham, and the effect of the pandemic has been significant in that.

“However, increased service charges meant the council has had to subsidise its operation for many years, on top of a number of traders falling into rent arrears. In light of further spending controls currently in place, the sort of investment that would be needed is something we simply cannot meet.” A spokesperson for the Victoria Centre, said: “Victoria Centre Market is run and operated by Nottingham City Council, and that includes all communication with the tenants about their leases.”