50 per cent of historic Walsall market to be sold off

Plans to sell off part of Walsall market to a private company has been called in by opposition councillors who believe the move is unnecessary.

The 50:50 venture will see Walsall Council form a management body with the private sector – with each taking a 50 per cent share in the new company.

But the decision made by the Tory cabinet has been met with criticism by Labour and Liberal Democrat councillors.

They have called in the plans, meaning the cabinet must explain its reasons for the decision.

Councillor Ian Shires, who sits on the regeneration scrutiny panel, said: "We are just asking the question, why are we doing this?

"How will this historic market benefit from private finance?

"Can't we manage it efficiently and effectively without going down this road?"

But council chiefs insist that the input and advice of business and regeneration experts is vital for the market to survive and propel its future.

Cllr Adrian Andrew, cabinet member for regeneration, said that the input and advice of business and regeneration experts is vital for the market to survive and propel its future.

He said: "This will herald a major new era for the market and is a hugely exciting venture, not just for the council but for whoever becomes our partner in this joint venture.

"We have considered this step carefully and we have looked very closely at suggestions from scrutiny to take a different course of action.

"This is just the start of a new phase for the market. It isn't a case of fait accompli. The market traders will be part of our discussions with the joint venture company which is the start of our plans to facilitate the development of the market.

"I don't lightly go against recommendations from scrutiny but I believe it is right to do so in this case."

The council denied claims that Norton & Proffit and St Modwen, developers of the St Matthew's Quarter, would assume the role of partner in the market project.

Under the Official Journal of the European Union (OJEU), the council must adhere to a legal process – three to four months – which gives interested parties the opportunity to submit a tender for the project.

The successful bidder could retain its stake in the market in the long term following its development or if it wished to sell its share to another party it would be required to first offer its 50 per cent stake to the council.

■ What would you like to see for the future of Walsall market? Call our newsdesk on 01922 721111 or email walsall.editorial@cintamworth.co.uk