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Councillor Miqdad Al-Nuaimi asked: I refer to a post circulating on social media concerning the former Newport Market and the contractual arrangements agreed between Newport City Council and Loft Co, which carried the refurbishment that resulted in the Food Hall currently operating there. According to the post, this is managed by DS Properties (Newport Market) As one of the Ward Councillors for Stow Hill, with a lot of interest in the development and refurbishment of the Market at the time, I can confirm at least 2 of the figures given in the social media post. That NCC agreed to give Loft Co £8.9 million loan to finance the works in proposed £12m project, and that the Council was promised to receive 15% of the rental income. Loft CO were also given a 250-year lease on the building, which caused some alarm bells at the time with some members of the Council. Later the 68 apartments, which were part of the original £12m project were deleted and my understanding this altered the value of the project to £6m. This had the consequence for NCC loan to be reduced to £6m instead of £8.9m Q1. Could the Leader /Cabinet Member confirm how much of the £6m loan advanced by NCC to Loft Co has been paid back by Loft Co to date. According to Company House records, the company owes creditors nearly £6m and the loan by NCC must be paid by 2nd February 2026. Q2 According to the information given in the social media post the business operation at Newport Market has been running at a loss with a loss of £209,878 in year 2022/23. And £275264 loss for year 2023/24, i.e. increasing the loss by £65,386, What is the figure for 2024/25? Q3 Has the council received any money under the !5% of rental income as was agreed in the original contract and was hailed by Cabinet as an excellent example of the public sector/private sector cooperating for the benefit of Newport Council Taxpayers. When can we expect a profitable operation? Q4: The financial aspects and inducements given at the time of the original contract in 2018 were not the only benefits the residents of Newport were going to see as a result of the Loft Co refurbishment Project. We were told the Market was going to become a living vibrant and active space for all kind of things and for 24/7. It was going to be a place in which to work, entertain, get fit, eat, drink, dance and release artistic potential. Q5 Why have none of the above promises materialised? D Batrouni and J Clarke responded: Q1. As you have stated, the loan repayment is not currently due. Q2 The Council do not operate the Indoor Market. Q3 The Council do not operate the Indoor Market. I can confirm that the lease agreement was subject to a profit share arrangement which is calculated on the basis of income received, minus agreed deductions. Q4: This is not a question. Q5 I would disagree, the development has delivered space to work, entertain, get fit, eat, drink, dance and release artistic potential. Aside from the private office spaces and co-working facilities available, there are a variety of traders who provide leisure and well-being services. There are spaces available (and used) for events, gatherings and even weddings. It is important to acknowledge that the development has transformed the former provisions market, breathing new life into the listed building and offering residents and visitors to the city a great place to meet, socialise and work. It has also helped some businesses who are at the start of their journey to establish a presence in Newport, with a number of former occupiers having taken up larger space elsewhere in the city centre. Taken together with investment in other nearby spaces such as the Newport Arcade, Newport Market Arcade and the Corn Exchange, it shows that High Street is becoming a destination for independent retail, food, music and other leisure opportunities, for Newport residents but also people from further afield who are hearing how great facilities such as the Indoor Market are.
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