SOME businesses in Newport Market have said they will be relocating after being told charges would double under plans to revamp the building.

Developers Loft Co have written to traders with details of rents and service charges as it plans a £12 million redevelopment of the building.

Traders said they have been told to submit business plans to the company which will then decide on offering places.

But Dean Beddis, of Kriminal Records which has been based in the market for 34 years, and Jim Harty, of Jamaire Gifts, have announced they will be moving out after learning about the new terms.

Mr Beddis says the proposals would see his business moved to a smaller stall, as his current one would be knocked down, and he would pay more than double his current charges of £2,500 per year.

The three-year contract would also see charges go up by around £1,000 per year for the business.

Loft Co says it has offered traders the first three months rent free and staggered charges over three years.

But Mr Beddis said while he would be willing to pay more rent, he does not want to be tied into a contract which will see charges increase amid economic uncertainty, as well as the changes the redevelopment and coronavirus pandemic will bring.

“It’s like an ultimatum rather than a contract,” he said.

“I feel like I am being pushed out rather than being offered something.

“It’s a contract but it’s a very one-sided contract.”

Mr Beddis said he has doubts over whether the scheme - which promises flats, office space, a hotel and a gym - will work out amid uncertainties and he has fears over the future of the market.

“It means a lot to people like myself, it’s a big part of my life,” he said.

“People go in there and they chat to the traders. It’s part of the community and it’s part of people’s lives.

“The people who come in are not just my customers, they become my friends.

“It’s not going to just affect me, it’s going to affect the whole city.”

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Mr Harty said he will also look for somewhere else in the city after three years in the market, as his charges of £3,600 per year would double.

“I hope it works out for the other traders, but it is just too expensive for me and it is going to be too expensive for quite a few others,” he said.

Mohammed Javid, owner of Capitol Taxis, wants the company to stay, but says there is uncertainty over the scheme and what they will be offered.

He says there was recently a meeting with individual traders about the new terms, but the company was not made aware of it.

“I have been here since 1992 and I do not want to move,” he said.

“If I have to move I do not think the council will give me planning permission in the city centre.

“We have been here so long, you can’t just come and kick somebody out.

“It’s so frustrating because you don’t know where you stand.”

Another trader, who did not want to be named, said the prices being proposed were ‘delusional.’

“It’s a lot of money to find when you consider Newport is not the most affluent area and no negotiation is available,” they said.

Simon Baston, managing director of Loft Co, said: “Unfortunately the full development of the market, which is absolutely needed, is hugely expensive and we as a company are fully aware of this and trying our best to accommodate via a three-month rent free period and staggered rents over the first three years.

“Also, we want to create the critical mass that is needed to make this a 24/7 sustainable and low carbon environment, and to create this scheme unfortunately means that there may be some rent increase.

"But ultimately we anticipate at least five times the footfall and the largest redevelopment of any market in the UK, placing the community at the forefront.”