In September 2023 the Town Council was awarded a £560,000 grant from the government towards the renovation of the Market Hall. As with any grant, the award was subject to a number of conditions.
The funding application was based on initial costings developed by quantity surveyors to the outline design. During the last twelve months this project has been progressing through the detailed design and tender stage. Tendering was concluded in September and the project came in significantly over budget and would have required around a further £200,000 to be found. At the same time, there was a requirement to complete within a certain timeframe for both this funding and the £160,000 of funding provided through another fund which mean the planned project could not be delivered either in time or on budget.
Value engineering took place to develop a revised scheme that could be delivered within the funding envelope and time. Unfortunately, the government did not approve the revised scheme or an extension to the grant period, and has withdrawn its funding.
The Town Council will now be exploring what improvements to the Market Hall it can deliver with the £160,000 grant from the Shared Prosperity Fund.
Town Mayor Cllr Colin Banks said “This is obviously extremely disappointing news for our market traders, the council and the market community – especially after the excitement of the prospect of a more significant investment”.
“We will now strive to deliver the best possible improvement to the Market Hall with available funds and aim to ensure our Market Hall can continue to provide a home to small businesses in our town centre”