THE owner of the hugely-successful revamped Newport Market has dismissed concerns over the site's finances after it was revealed it lost more than £209,000 over the past year.

The revamped market re-opened in March 2022 after a multi-million-pound regeneration scheme by LoftCo.

Public accounts of DS Properties (Newport Market) Ltd - the name of the company running the market - show a trading loss of more than £209,000 over the past year - or £17,490 a month.

This is an increase of £109,838 from the previous year.

A £6 million loan had been given by the council to help renovate the market, with repayment required with a five per cent commercial rate interest level, bringing the total loan total to £6.3 million.

According to the creditors section of Companies House’s files, the amount left to repay is £5,999,990.

The person who brought the figures to the Argus' attention - who asked to remain anonymous - said: "There is a £6 million ‘taypayers funded’ loan in play here. That’s a huge amount of money. The public have a right to know if this money is at risk.

“Was the council so desperate to regenerate the Market that they ‘over extended’ on the size of the loan provided?

“Newport Council have serious questions to answer. Given the losses published by Companies House, one has to ask if the developer can continue to repay the loan? Will the council continue to receive 15 per cent of the rental income? These are fair questions to ask.”

Newport City Council has said that the renovation of the market was seen as an “important element of the regeneration vision” for the city.

This has proved to be the case, according to the council, with increased footfall highlighting an increase in popularity.

A spokesperson said: “A maximum loan of £6 million to the developer was agreed and the total, plus interest, is repayable by early 2026. Some repayments have already been made to the council.

“In 2018, cabinet agreed the principle of leasing Newport Market to the developer for 250 years, subject to certain conditions.

“The decision to support each stage of the market development was undertaken following a decision by cabinet. This is a matter for public record.”

The council say the relevant scrutiny and diligence was taken at each stage to inform any decisions made.

The spokesperson added: “This decision also included delegating authority to officers to negotiate the finer details of the agreement for lease and this would have included finalising specifics such as rental income and any deductions.

“It is not possible to reveal details of the lease agreement as it is regarded as commercially sensitive.”

Newport Market's owner Simon Baston, of LoftCo Developers, was quick to highlight that any financial losses sustained this year should be considered in context. 

He said: "Newport Market is a building of size and magnitude that has needed considerable refurbishment and a herculean effort by the team here to turn commercial. 

"During this first year of trading we have had to work exceptionally hard to increase the number of tenants in the building and drive revenue while still allowing an affordable space to start a business.   

"We have taken pride in giving businesses rent free periods when they start tenancies to help initiate growth in their businesses and in looking at other innovative ways to support, often at our own short term financial detriment but for the long term financial betterment of Newport Market." 

He also pointed out that pre-analysis revealed similar sites had taken at least three years to deliver profit. 

He added: "I am delighted with the commercial progress that has been made to get the property marginally profitable, particularly against the context of the old Newport Market having only three or four paying tenants prior to us.  

"We have quickly and organically established a go-to destination in the city centre and have provided confidence for many other businesses in the surrounding area to regenerate and reinvigorate, in the process creating hundreds of new jobs."