HYNDBURN Council bosses have performed a U-turn over plans to bring private investors in to run Accrington's historic market.

Council leader Peter Britcliffe has announced that the building will remain in council hands and promised up to three-quarters of a million pounds of investment over the next two years.

Market traders, who had campaigned against the proposed "sell off" to private investors, today said that while they were pleased with the decision, they had no faith in the council's investment promises.

The opposition Labour group, which has also argued against the proposals, claimed it was a victory for common sense.

The ruling Conservative group has spent months courting potential investors, who were to be offered a 125-year lease of the building in return for a significant investment in improving the market hall.

They were due to choose from a short-list of three, but in a surprise announcement revealed that those plans would be scrapped.

Coun Britcliffe said: "We have agreed to discontinue our search for a preferred partner, so the market hall will remain part of Hyndburn Borough Council.

"The management will be streamlined and capital funding will be introduced to modernise it and bring it up to scratch.

"We need to look at how it is structured and how it works, so we can make sure we are getting the best for the tenants."

He added that council officers would draw up some provisional ideas for the market hall by May, which will be discussed with traders.

Neville Singer, Market Tenants' Association chairman, said: "We are glad that it is going to stay in the control of the council. We have been promised investment to improve the building for more than 10 years and it has never happened. No one was able to tell us where the money would be coming from."

Labour group leader, Coun David Myles, said: "It is a complete turn around by the ruling group, but it is extremely good news because we have fought all along for it to remain in the ownership of the council."