Newark and Sherwood District Council is terminating 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.

But a spokesman said that 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 and the Council has been left 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.

"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.”

A spokesman for the Livestock Market has issued a statement saying it does not agree with the council's position.

In a statement, it said: "We are issuing this statement as there has been an 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 four 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.”