Liverpool City Council has taken control of all market operations in the city for a pound.

The council yesterday formally ended a joint venture arrangement with Geraud Markets UK, paying the nominal fee of £1, and will now run the day-to-day activities of the city’s market.

The move complements the Liverpool council’s ongoing programme to invest in market facilities on a ‘spend to earn’ basis.

The markets will be run by a new company - Liverpool Markets Ltd. - which will retain all staff previously employed by the joint venture.

‘This deal is a watershed moment in the history of Liverpool’s markets and ensures they will once again become a major asset in our flourishing retail sector,’ said Cllr Malcolm Kennedy, cabinet member for regeneration.

Referring to recent investments into the Great Homer Street market and the revamped St Johns market, as well as other ventures, Cllr Kennedy said, ‘we are investing millions in upgrading the facilities and the time had come to take back full control of the operations.’

‘As a result of this new deal we will be able to host, manage, promote and deliver the markets in-house and ensure a standard of quality befitting the new facilities that we are investing in,’ he continued.

‘This new approach will give current tenants, future traders and customers a single point of contact that will enable us to improve the market offer right across the board from farmer’s markets, international markets and the Christmas markets.’