Here at the Covered Market we have had some news that has caused us used to complain.
We have over 50 independent stores in the covered market and some of our traders are facing an increase in rent prices resulting in them paying more then 60% of what they do now!
The Leader of the council Bob Price, has stated that these figures are just the start of the process and have only been used to form a basis of negotitations.These proposed rent increases are part of a review that takes place every 5 years and have been determined by a method created by an independent arbitrator.
One of the stores in the Covered Market is currently paying £19,500 a year but has now been asked to pay £30,500, that’s an increase of more then 50%!
Chris Farren, the chairman of the tenat association has stated that “this level of increase is not justified” and has meant that businesses were no longer sustainable.
Mr Price has added “We see the market as a very important part of the city and we will work with them to ensure that remains the case”
Due to this significant increase the tenants ha ve asked for this to be referred to an arbitrator and we would like to ask any of the fellow Covered Market friends to support us in this matter.