ACCRINGTON'S historic Market Hall could soon be run and managed by the traders themselves.

Following the shock news that Hyndburn Council was appealing for private investment to refurbish and run the market, an Accrington businessman has thrown his hat into the ring.

Property tycoon Kevin Cosgrove has revealed he is willing to pay for the traders to take charge of the town's Victorian centrepiece and provide £500,000 for repairs - a sum the council cannot afford.

He told the Observer: "The traders could be sidelined by an investor from outside the borough when they should be running it. My rate of return would be made clear up front and would be less than any other commercial investor would take.

"We have a multi-million-pound property portfolio in this town and it's all controlled through our head office in Accrington. We're on first-name terms with our tenants and no other group would take on the Market Hall on the terms I would accept. Whatever happens, if the traders are not there with enthusiasm it will fail."

Mr Cosgrove added he would be "giving the traders their market" and had already approached Hyndburn Council to register his interest.

Neville Singer, Market Tenants' Association chairman, said he was excited about the proposal, adding: "I have been at the Market Hall for 40 years and there are traders there with hundreds of years' experience. We have given suggestions to improve it but they never go anywhere with the council.

"The traders are working hard to invest in their businesses and this could be a really positive move. It would be local people running it instead of some faceless group."

In return for his investment, Mr Cosgrove claimed he would ask for "moderate profit, 15 per cent", a non-voting seat on the management panel with Hyndburn Council and the traders, and a 125-year lease. But he sounded a note of caution.

"This is a high-risk strategy at the moment," he said. "The council hasn't answered my questions about how much the Market Hall generates and costs. I need to see full sets of accounts to put in a concrete bid. But I can say that even if the Market Hall did bring in new businesses and generated more profit, I wouldn't want more."

Council leader Peter Britcliffe said he was unable to discuss individual approaches, but told Wednesday's Cabinet meeting: "I met the market traders and their response to bringing in private investment was positive.

"We have already had one approach from a local entrepreneur and there might be more in the coming weeks."