THE markets that Darlington is famed for will be under new management within a month following a council agreement to hand over control to retail developers.

The town’s historic Victorian Indoor and Outdoor Markets will be run by Essex-based company, Market Asset Management – a firm that acquires and develops markets across the country.

Under a multi-million pound cuts programme revealed by Darlington Borough Council last spring, the authority appealed for a private investor to secure the long-term future of both markets.

A Darlington Borough Council spokesman confirmed to The Northern Echo last month that the authority was “part way through a procurement process to secure a partner to run the Indoor and Outdoor Markets”.

However, Market Asset Management Darlington became a registered company on December 28, 2016.

A council document stated: “Cabinet agreed a procurement process to procure a partner to take a long-term leases to operate the markets with the emphasis on improving the markets physically and in terms of the ‘offer’.

“A process was followed and a preferred operator, Market Asset Management Limited (MAM) have been selected.

“The decision taken is to issue an intention to award letter which signals to MAM the council’s intention to award them the contact subject to further due diligence and finalisation of the contact.

“It is likely the final award will take place around July 2017.”

A letter detailing the council’s intention to award the company with the contract was issued on February 9 this year.

This week, a Darlington Borough Council spokesman said: “We can confirm we are working with Market Asset Management as part of a procurement process.

“It remains the case that we anticipate the preferred partner will take over the running of the markets in the summer.

"In the meantime, the markets continue to trade as normal."

A Market Asset Management spokesman, part of the Quarterbridge company, said: “Historically markets have generated a high return for their council owners but as shopping habits have changed and spending cuts have starved them of investment those returns have fallen.

“Market Asset Management provides specialist management and investment skills to modernise and develop markets.

“Their importance to town centre regeneration schemes is widely acknowledged.”