Traders have been offered a rent reduction after delays in the construction of a new multi-million-pound market.
The City of Wolverhampton Council has announced a 25% cut in rent for over 10 months to support Bilston's indoor and outdoor market stalls.
Last October, the town's outdoor market stalls were relocated to accommodate the proposed year-long construction of a 'state-of-the-art' replacement. However, the renovation of the 200 year old market is now projected to be completed by June 2026, eight months behind schedule.
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The relocation decision has impacted trade at the indoor market, with stallholders reporting decreased footfall. To cover the anticipated £175,000 loss in income from 42 weeks of reduced rent, the council will use its reserves.
Last month, an additional £2.5m was allocated for the new market by the council, increasing the total cost from £6.4m to £8.9m, a rise of more than a third. The revamped market will offer enhanced pedestrian access from the town's bus and Metro station, new canopies, toilets, stall improvements and public space enhancements.
The council has promised that the site will be "the absolute best market in the West Midlands", providing more modern, accessible and "vibrant spaces" for traders and the local community. Councillor Stephen Simkins, leader of the council, stated: "We will deliver the first class, improved and modern market we promised traders.
"In the meantime, we have listened to traders concerns and are committed to supporting them during the works.
"This offer comes on top of the council investing millions of pounds in the major improvements that will make the market even better for them and their customers.
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"This time next year we will all be enjoying the absolute best market in the West Midlands with more modern, more accessible, and more vibrant spaces for traders and the local community."
The authority confirmed it is also allocating £15,000 towards events and activities in and around the indoor market to help draw more visitors during the nearly year-long construction period.
Bilston's outdoor market was moved to the town's high street last October to enable work on the new multi-million-pound facility to commence.
The stallholders were informed to expect a return to the new site by October this year, but the setback means the market will mark its bicentennial as a construction zone.
The former outdoor market has been demolished but remained as a mound of debris for months as work stalled following a series of complex surveys.
The authority explained that the surveys, which could only be undertaken once the stalls had relocated, revealed "poor" ground conditions that necessitated a redesign to proceed with the works as intended.
This has also led to an additional £2.5m being allocated and a postponement to the commencement of work on the new market, the council confirmed. The council quashed rumours that the market site had been sold, with cabinet member for resident services, Cllr Bhupinder Gakhal, asserting that the work was still on track to be finished by October.
However, a few weeks later, the council disclosed that the work would be postponed by eight months and would incur an additional cost of £2.5m.