Preston’s Markets are set for a complete facelift in the coming years

An undisclosed sum of funding for Preston Markets scheme has been approved.

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Preston City Council met last week to discuss receiving additional capital funds for the mullti-million redevelopment of the Covered Market.

The council plans to demolish the Indoor Market, car park and Lancastria House to build a new cinema and restaurant complex and refurbish the grade II listed outdoor market.

Councillors met behind closed doors on Tuesday 12 January to discuss the funding on offer from the City Deal – a £430 million pot aimed at boosting infrastructure in Preston and South Ribble.

Minutes released by the city council show chief executive Lorraine Norris presented a report detailing exactly what funding was available for the city.

Council leader Peter Rankin and deputy leader councillor John Swindells then moved a motion to agree:

– the council receives the funding from the City Deal Infrastructure Fund
– the council approved a fully funded additional to the capital programme

The city council said they could not release the figures or report as it may affected the tendering process.

Related: Architecture students to join design day for the Markets

Architects are currently drawing up further plans for the Markets scheme.

Cllr Rankin said: “We are making good progress with the markets quarter development.  Plans for both the new market hall and cinema development are advancing as planned toward the submission of planning applications. This report deals with financing and the appointment of partners and consultants to assist in that process.”

What do you think of the Markets scheme? Are you a trader? Let us know in the comments below