Questions over potential profits as market says it can't afford rent

A council meeting last week heard that the council’s chief executive, Graham Hunt, had agreed to waive the sum to ensure that the market could still go ahead in Victoria Park.
A spokesman for the Christmas Market, which is being run by Pegasus Promotions and Events, Nick Houghton, said that owing to the market’s overheads it could not afford the fee.
He declined to give further details on the extent of its overheads and the cost of each chalet rental, however, it has been suggested that some chalet rentals are in the region of £2,500.
Council leader Julian Swift-Hook (Lib Dem, Newbury) said that questions arose regarding the level of income the operator is expecting from fees paid by stallholders:.
“The bottom line is that [Mr Hunt] was under a lot of pressure to make a quick decision.
“It’s correct to say the decision was made without reference to members. That’s a separate issue.
“As far as I’m concerned, it will not set a precedent because I will not support the waiving of a rent for a Christmas market in Victoria Park again. I’m confident that my colleagues will feel similarly.”
Mr Houghton said: “Newbury Town Council’s contribution to waive the hire charge is greatly appreciated and will help enable the event to get off the ground.
“As it’s year one, budgets are tight, but hopefully the event can grow year-on-year, which will help put Newbury on the map.
“Salisbury christmas market reportedly brought in £3.6m to the local economy. If we can achieve even half of that, then it will be of great benefit to the town and community.
“If we hadn’t decided to put the event on in the first place, there would be no rental income for the council during December, so the council is no worse off.”
The news sparked concern on the newburytoday.co.uk forum that taxpayers would be left to foot the bill of any damage to the park, however Mr Hunt said that a £750 deposit paid by the market operators would be used to fund any repairs, should they be needed.
He added that the total running costs, including electricity, would also be met by the operators.
The market will run from Saturday, November 30, to Sunday, December 22, and will feature a number of local traders, a Santa’s grotto, donkey rides and a name-the-reindeer competition.