ACCRINGTON'S historic Market Hall is up for grabs in a shock bid to save Hyndburn Council vital cash.
The bombshell news comes just a week after council leader Peter Britcliffe said nothing was off-limits in a sell-off of the authority's land, buildings and other assets.
The plan is for the council to retain the freehold of the Victorian building but give a lease of 125 years to an "investment partner".
Regeneration chief Nigel Rix said this week: "A partner could help restore the Market Hall to its traditional splendour and vastly improve the environment for everyone.
"We would look at setting up a panel of the council, the investor and the traders themselves.
"The council would remain active in the management of the market while benefiting from the entrepreneurial experience of the partner."
But the news has left market traders reeling.
Neville Singer, Market Tenants' Association chairman, said traders would be deeply worried and added: "They are selling it off in all but name. Some businesses have been here for 130 years but will they still be here if rents are hiked?
"It feels like the tenants are bailing the council out because it appears the money will come out of their pockets. The cash the council gets from the sale won't all go on the Market Hall.
"We aren't happy about it and really need more information. We want to know what improvements will be made to the hall and we need guarantees about our rent levels and any disadvantageous changes."
Mr Rix said the Market Hall generated a "significant six-figure annual sum".
Councillor Britcliffe said: "We would emphasise that throughout the process the interests of the tenants will be paramount.
"We would only be persuaded to go ahead if their security was guaranteed.
"We take a careful risk assessment with every project and, although there's no time scale for the general changes around Hyndburn, I would hope people notice a positive difference within 18 months."
Labour opposition leader Councillor Jean Battle slammed the move.
She said: "It's typical Tory policy to privatise and this is a sign of desperation.
"It will take money away from the council and there has been very little consultation with elected members and traders. It is not something we agree with."
Advertisements are due to be placed in the national press inviting bids for the Market Hall, which was built in 1869.
After recovering from a major financial crisis, Hyndburn Council has overspent by nearly half-a-million pounds so far this year.
Public halls and community centres, including Oswaldtwistle Civic Theatre and the Accrington Town Hall ballroom, are being transferred to the Leisure in Hyndburn charitable trust which already runs the borough's sports centres.
And it was also announced this week that the council is taking stock of its parks and open spaces so it can decide if some should be sold.
