Support quality, independent, local journalism…that matters
From just £1 a month you can help fund our work – and use our website without adverts. Become a member today
Newport Council is in “discussions” with the operator of the city’s Indoor Market after a £6 million loan was not fully repaid on time.
Newly published discussions between the council leader and opposition leader show the loan has “as yet not been repaid” after a deadline of February 2026 expired.
Cllr Dimitri Batrouni, who leads the local authority, said both parties were “fully engaged” and talked up the attraction’s popularity in the city centre.
Market operator Loft Co was contacted for comment.
Cllr Matthew Evans, who leads the council’s Conservative group in opposition, asked the leader whether the local authority had received “the full repayment” of the loan, and what actions the council had taken “to ensure we receive all of it”.
Cllr Batrouni replied: “As I’m sure you will agree, the market development continues to be a popular visitor destination – offering retail, leisure and hospitality services – as well as serviced office accommodation for SMEs (small and medium enterprises) and start-up businesses”.
“The loan has, as yet, not been repaid, but the developer is fully engaged with the council and discussions are currently ongoing regarding this,” the council leader added. “As you will appreciate, I cannot comment on these discussions in further detail at the moment due to commercial sensitivities, but a further update will be shared as soon as I am in a position to do so.”
Following that written exchange, published on the council’s website this week, Cllr Evans said he was concerned over the council’s contingency planning for the repayment deadline, adding there was “taxpayers’ money” at stake.
The city council does not run the market, but agreed a 250-year lease with a private operator.
It has previously said it received interest payments on the loan.
Newport Indoor Market reopened in 2022 following an extensive refurbishment, and offers a wide range of attractions from a food court and bar to an events space, retailers and offices.
Its operator Loft Co did not respond to a request for comment on the loan repayment.
Support quality, independent, local journalism…that matters
From just £1 a month you can help fund our work – and use our website without adverts.
Become a member today