RENTS for Accrington market traders have been reduced in a bid to ease pressure on them.

Following a review, Hyndburn Council has frozen or reduced most charges paid by traders to occupy indoor and outdoor stalls at Accrington markets.

Senior figures at the council say reducing the rents will help secure the long-term future of the markets while the authority looks for investors.

The council’s cabinet approved a new charging structure which will be implemented from October 1.

Indoor market hall traders will see their rents reduced by 10.5 per cent and reduce again by 2.9 per cent 12 months later, on October 1, 2019.

The overall 13.4 per cent reduction means a typical monthly charge for the indoor market hall of £658.23 plus VAT will reduce to £570.27 plus VAT, a decrease of about £90 per month.

The vast majority of outside stall charges have also been reduced or frozen.

Cllr Clare Cleary, cabinet member for Accrington town centre, said: “The council is fully committed to Accrington’s indoor and outdoor markets and, having carried out a comprehensive review, and recognising the trading challenges facing some of our tenants, we have either frozen or reduced the charges paid where at all possible.

“We want to ensure the charges remain competitive and comparable with other retail premises in Accrington town centre.”

Leader of the council Cllr Miles Parkinson said: “The market hall is a key building in the town centre and also a key attraction.

“Long term we need to turn the market around and make it sustainable.

“It’s going to take some time because we are going to have to attract investors.

“The vision is there.

“In the short term, the likelihood is the market won’t achieve revenue targets but that doesn’t mean we switch off the lights and walk away.

“Traders will always say could you not have done more but it is about the sustainability of the market.

“There may be a short-term blip in revenue but if it’s not addressed, the future of the markets would be in question.”

Cllr Cleary added: “This reaffirms our commitment to making the markets a key shopping and food offer that forms part of our long-term vision for Accrington town centre.

“This is a really exciting time for Accrington town centre."