Market traders get rent relief as revamp continues

City market traders are to be given extra financial support while a major regeneration project is ongoing.

Traders in Coventry told the city council they need help attracting customers and support during the £450m City Centre South work, and a cabinet member has considered two petitions, with a total of 1,272 signatures.

Traders who are not in arrears will receive the equivalent of two quarters' rent relief during the 2026 calendar year and a quarter during 2027, the council said.

Those liable for business rates will see their rates relief extended until the end of 2020/28.

"Everybody wants to see the market succeed," said Jim O'Boyle, the cabinet member for jobs, regeneration and climate change, who considered the petitions which called for more support.

"The truth is that it forms part of what is going to be an even better offering in the city centre and the market needs to be at the centre of that.

"We do recognise that the façade is in a terrible state and that is a legacy of no investment over a number of years."

A report by Adam Hunt, the council's strategic lead on property and development, explained the market had been hoarded off for safety reasons, but the council had come up with ways to address this.

The report stated after ongoing talks with traders, initiatives had included improvements to the signs promoting the site and a marketing campaign.

Councillor Roger Bailey who, together with councillor John Blundell had sponsored one of the petitions, said: "I feel this is a big step in the right direction as we were calling for a rent reduction and better promotion.

"I am very grateful for what has been offered and it is a very positive step. I just hope it is enough for some of them who are very close to the line."

This news was gathered by the Local Democracy Reporting Service which covers councils and other public service organisations.

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