Councillors are moving closer to privatising the Victorian Market in Inverness despite traders’ concerns it will hit them financially.
The city committee will resume a debate later this week to pave the way for the council to hand over responsibility for the complex to a private company.
Traders who rent properties within the iconic building are exasperated that little indication has been given of the actual cost to their businesses.
Many of them have attended meetings in the past fortnight with council representatives and say the discussions were “civilised”, but they remain none the wiser.
Council officers, who are obliged to get a maximum return on common good assets, have described their proposals as an “action plan to improve trading conditions for the market.”
The market has been a loss-maker for the common good fund since being hit with a £1million bill for roof repairs.
The privatisation debate was deferred last month after councillors received a petition from traders on the day of the scheduled meeting.
Despite unanswered questions, councillors will be asked on Thursday to agree, “subject to consultation with stakeholders”, to instruct the officers to publish an invitation to tender for the management contract.
Veteran city campaigner John West, who has sought answers about the financial implications for traders, has highlighted how the market’s current revenue position is deemed “unsatisfactory” and that “increasing charges will square the circle”.
But he is among those who have pointed out that “the cost of this stunning advice is not specified,” warning that the costs are likely to rise “significantly.”
Over the past five years, the market has generated an average annual rent of £270,000.
A report on the privatisation proposal by consultants Graham and Sibbald says there are ongoing annual costs in terms of repairing, cleaning and providing security totalling £225,000 in that period, leaving an annual surplus of £45,000.