Derby's Market Hall forecasting six-figure loss

Derby's renovated Market Hall is forecast to make a loss of £338,000 next year, according to council financial documents.

The venue, owned by Derby City Council, reopened in May 2025 following a £35m restoration project. However, a council financial report for the first quarter of 2026-27 forecasts a deficit due to what officials described as a "shortfall of trader income".

The figure has prompted concern among opposition councillors, who questioned the hall's ability to attract enough businesses and visitors.

But council leaders said the projection was based on an early assessment and did not reflect the likely position for the full financial year.

Further financial forecasts are expected over the next 12 months, which could see its forecast change, they added.

Documents show the pressure is a result of turnover rents for food and beverage traders performing at a "rate lower than budgeted, and vacancies from trader turnover".

A council spokesperson said: "Quarter one figures are an early snapshot in the financial year and do not represent the full-year position for the Market Hall."

They added efforts were under way to attract new traders, support existing businesses and improve the venue's offer through events aimed at increasing visitor numbers.

The council said it had organised farmers' markets, seasonal festivals and workshops at the hall. A four-day beer festival is planned for October, while fashion event Cirque de la Mode is due to take place this weekend.

An internal review is also examining the market's commercial performance following criticism over the mix of stalls and levels of footfall, the Local Democracy Reporting Service said.

In April, council leader Nadine Peatfield said a range of events held at the venue had helped generate average weekly footfall of 15,000 visitors.

But opposition councillors said the latest forecast was a cause for concern.

Conservative councillor John Wright described the projected loss as "really concerning", while group leader Steve Hassall said residents had been promised a vibrant destination that would help revitalise the city centre.

He called on the council to publish details on occupancy levels, trader numbers and visitor figures, and questioned whether the current rent model was sustainable.

Hassall also urged a return to a more traditional market format. However, Ms Peatfield has previously argued that approach would not be viable, saying the Market Hall had operated as a traditional market before its closure and "it wasn't working".

Listen to BBC Radio Derby on Sounds and follow BBC Derby on Facebook, on X, or on Instagram. Send your story ideas to eastmidsnews@bbc.co.uk or via WhatsApp on 0808 100 2210.