Cabinet, at its meeting on 5 February 2025, will consider a report from the Deputy Chief Executive – Place, seeking approval for Revised Masterplan and Business Case for the Covered Market Masterplan.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and an Inclusive Economy, Tom Bridgman, Deputy Chief Executive – Place, and Andrew Humpherson, Regeneration Manager, have been invited to present the report and answer questions.

The Chair welcomed Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and an Inclusive Economy, Andrew Humpherson, Regeneration Manager, and Ted Bowler, Corporate Asset Manager, who were present to answer questions.  

Councillor Hollingsworth presented the report and explained that whilst the original masterplan was approved by Cabinet, a new report is being put forward to account for more recent work and updates. The Committee heard that this report focuses on the details of the project, associated costs, and goals for ensuring a carbon zero future. As a 250-year-old Heritage building, some costs have differed from estimations, and inflation has also affected prices. Councillor Hollingsworth explained that the project aims to complete work in sequenced sections across the rows within the market to ensure that the space is kept open and undisrupted as far as possible. The Committee also learned that some costs are associated with additional staffing to ensure there is sufficient support and day-to-day contact for the traders during the process.   

The Regeneration Manager focused on the ability of the plans to work on future focused projects and maintenance to avoid repeated disruption and expenditure at later dates. Therefore, the new report also contains additional contingences with an eye to benefit the long-term life of the market.  

Councillor Latif sought several clarifications: 

• In regards recommendation 1 and table 36, whether the essential works figure is already included within the original budget of £6.8m.  

• Whether the level of opportunity cost been quantified for the Council.  

• In regards the retail unit and present challenges, what could the financial risks be to the Council. 

The Chair asked how it will be ensured that traditional traders can maintain a presence. 

Councillor Hollingsworth clarified that information in table 36 illustrates the additional cost of the enhancements measured against the cost of only carrying out the essential works. Option 1 identifies the minimum amount of work necessary to keep the market running and is a baseline for the business case to assess the benefits of the enhancements. Option 2 is however being recommended despite the shortfall in money that currently exists. The Regeneration Manager clarified that the funds for the essential works were included within the original masterplan, but that this price has since increased to reflect cost increases and new survey information. In response to Councillor Latif’s query, it was clarified that table 36 identifies the additional costs of the enhancements over and above those required by the essential works. 

Councillor Hollingsworth then referred to concerns over traders and associated challenges, noting that fixation on retaining long standing traders that are no longer desirable to customers can make the location less appealing. The Committee were informed that whilst a degree of change is required, a focus on local business can still be retained with flexibility. Over 250 years the market has changed continuously, and this must persist. The Regeneration Manager added that the masterplan must work with the leasing street to support the presence of traders.  

The Corporate Asset Manager responded to concerns regarding cost opportunity and noted the challenging environment in retail at present which creates issues with finding new traders to fill premises. The Committee heard that new potential traders are being contacted but a balance must be retained with the types of trade present within the market. He expressed the importance of the work on the market for keeping new and existing traders and notified that Committee that other streams of work are developing off the back of the masterplan. 

Councillor Mundy noted positively the popularity of the covered market but emphasised that there must be diversity of business types within, supported by the availability of a variety of premises sizes to suit different businesses. Councillor Hollingsworth noted that flexibility is key to the changes planned and agreed that premises size must not constrain the nature of a business. He noted that premises sizes have changed over 20 years and can continue to do so, utilising the example of additional seating spaces being added to support businesses selling beverages. The Regeneration Manager added that the leasing strategy will give the opportunity to replace services and build flexibility. Studies are taking place to assess how this can be done, such as one focused on the ways in which electricity is provided to ensure that future disruption to the market is minimised. 

The Committee expressed its support for the work on the Covered Market, recognising the return on investment of the increased capital budget for the project, and the aim to minimise disruption for traders, whilst offering greater flexibility to support the energy transition towards Net Zero ambitions. 

There were no other recommendations agreed. 

Councillor Hollingsworth, the Regeneration Manager, and the Corporate Asset Manager left the meeting.