Council terminates Newark Livestock Market lease for unpaid fees

Newark Cattle Market have issued a statement as their lease of the premises from Newark and Sherwood District Council looks to be uncertain due to unpaid rent.

A statement on their Facebook page says: "Newark Cattle Market are issuing this press release as there has been a newspaper article which does not reflect the factual position between the Newark Cattle Market Company Limited and the Council.”

“Newark Cattle Market Company Limited have paid the basic rent £80,000 per annum and rates in full every year including £119,700 for 2019/2020. The only rent that is outstanding is the turnover rent and the Company has made a claim against the Council for breaches of the lease as a result of the disruption of the market during in the past 4 years.”

“The Company has been most willing to negotiate with the Council and has worked tirelessly to promote the market and to ensure a smooth transition to a new leaseholder.”  

The statement ended with the market saying: “We look forward to seeing you as normal tomorrow, the sheep sale will still go ahead and payment for stock will be in full as ever.”

Earlier today Newark and Sherwood District Council announced it had taken steps to terminate its lease with Newark Cattle Market due to substantial rent arrears.

The Council owns the Cattle Market site and has been pursuing the leaseholder for non-payment of rent.

NSDC says despite having made numerous attempts to work with the leaseholder and provide assistance and flexibility where possible around the rent arrears, the leaseholder has continually failed to meet the agreed schedule of payments.

Leaving the Council with no alternative than to terminate the lease.

Councillor David Lloyd, Leader of Newark and Sherwood District Council, said:  “It’s extremely disappointing that we’ve been forced to take this action but it would be unfair on every other business and resident in Newark and Sherwood who pays their taxes if we simply ignored the Cattle Market’s substantial and longstanding arrears.  

He continued, "We’ve provided the Cattle Market leaseholder plenty of time and every opportunity to settle their significant rent arrears. Terminating the lease of the Cattle Market is not a decision that we’ve taken lightly and we’re obviously concerned about the impact on our local farming community."

"The reality though is that we have lost trust and confidence in the current leaseholder and have exhausted every informal avenue to secure repayment of monies owed to the Council.  Regrettably, we have been left with no option but to terminate the lease with them.”   

NSDC have confirmed that it is likely that the Cattle Market may close this weekend. 

They added that they're mindful of the importance of the Cattle Market to the local rural community and are considering alternative short term arrangements on the current site.

The council will now investigate, for the long term if a viable or sustainable solution can be achieved.