Rental income from Nottingham’s Victoria Centre Market fell by almost 94% during its final five years of operation, figures released under the Freedom of Information Act show.
Nottingham City Council received £607,809 in rent from market traders during 2021/22. By 2025/26, the amount had fallen to £38,813 — a reduction of £568,996.
The figures were released by the council on their Disclosure Log following an information request submitted by an unnamed third party.
| Financial year | Rental income |
|---|---|
| 2021/22 | £607,809 |
| 2022/23 | £487,439 |
| 2023/24 | £458,836 |
| 2024/25 | £397,870 |
| 2025/26 | £38,813 |
Rental income fell by £120,370, or almost 20%, between 2021/22 and 2022/23.
It declined more gradually over the following two years, reaching £397,870 in 2024/25. The sharpest reduction came in 2025/26, when income fell by £359,057 — just over 90% compared with the previous year.
A total of £1,990,767 in rental income was recorded across the five-year period.
The council presented each amount as a negative figure in its response. This is understood to reflect the way income is recorded in its accounts, rather than indicating that the authority received negative rent.
The figures relate only to rental income and do not show the market’s complete financial position, including service charges, maintenance, utilities, staffing and other operating costs.
Nottingham City Council first announced plans to leave the market in 2022, saying it could no longer afford the subsidy required to operate it.
The authority previously estimated that ending its lease could avoid £39 million in costs over its remaining term. It said increased service charges and declining occupancy had made the market financially unsustainable.
The Victoria Centre Market closure was confirmed in December 2023, although the original summer 2024 target was not met.
Most traders were eventually told to leave by 31 March 2025. The council described that date as the market’s informal closure, but some businesses remained while negotiations continued.
In August 2025, five traders remained at Victoria Centre Market as the council installed hoardings around vacant sections to reduce running costs and anti-social behaviour.
The closure process has also involved disputes over traders’ agreements, compensation and unpaid rent. The council previously said several stallholders collectively owed it more than £400,000 and began terminating agreements involving significant arrears or break clauses.
Some traders have disputed the council’s handling of the market and argued that uncertainty over its future, reduced footfall and restrictions on taking new tenants contributed to falling income.
The £38,813 recorded during 2025/26 covers the first financial year after the market’s planned closure date, when only a small number of traders remained in occupation.
