One of the North East’s oldest covered markets is celebrating two historic anniversaries this year – and is also looking forward to a long and successful future.
Founded in 1851, the Durham Markets Company is marking its 175th anniversary this year – and for the last 120 of those years, its business operations have been supported by the Durham office of all the predecessor firms to what is now RMT Accountants & Business Advisors.
Since the relationship began in 1906, a member of the practice’s senior team has served either as company secretary or as a director of the Market.
RMT Accountants’ Durham-based director David Holloway has served on the Markets Company’s board for the last four years and works closely with the management team on the financial aspects of its day-to-day operations as well as its long-term strategic development plan.
The Durham Markets Company was formed in 1851, with an Act of Parliament granting it permission to raise £12,000 in capital, with the cost of construction estimated at £7,500.
From the outset, the Company was commercially strategic, with rental income from shops and offices supplementing stallholder fees, thus creating a financial model that helped secure its long-term sustainability.
The Market only opened on Saturdays right up to 1974, when trading was expanded to include Fridays. Thursday opening began in 1982, with its current six-day trading beginning in 1996 following a major refurbishment.
Today, the Market has around 40 independent traders operating within its historic market hall, with stalls ranging from high quality food and drink retailers, a café, homeware, hobbies, crafts and fashion through to services like phone and watch repairs, tattoos and piercings, and hairdressing.
It also hosts the Market Tavern pub and the Spice Lounge Indian restaurant, as well as a nightclub within its vaults.
The Company works with a range of different local partners, including Durham University and the Durham Business Improvement District (BID) group, to help increase engagement with the local and regional communities, most especially through the calendar of events that it stages throughout the year.
It has also been the launchpad for many new and growing businesses that have gone on to great success and it actively looks to work with younger people who are starting out on their business journeys through its Young Traders’ market.
Richard Brass, director at the Durham Markets Company, says: “Durham Market Hall has always been a place where people come not just to shop, but to meet, connect and be part of something bigger.
“From its Victorian beginnings to the bustling independent market we know today, it has continually evolved while holding on to the character and community spirit that make it so special.
“The Market remains one of Durham’s key hubs, and despite all the changes that the city has undergone in our 175 years, it is still hugely valued by both our customers and the dozens of independent businesses that call it home.
“Shopping habits have obviously changed down the decades, but the Market has always found ways to thrive, with the variety that it offers being a prime reason for people to visit the city centre, which in turn delivers benefits for all the other retailers around us.
“We’ve seen lots of market tenants take their first steps here before going on to achieve great success, and we still play an active role in encouraging local would-be entrepreneurs to turn their ideas into thriving businesses, especially with our younger traders.
“City centre footfall declined after the pandemic, but we’re now starting to see it stabilising and believe that the Market has a crucial role to play in helping to building it back up.
“The advice we’ve had from RMT and all its predecessors down the decades has played a central role in the company’s enduring success and its different stages of development, and 120 years on from the beginning of our relationship, it’s just as important as it always was.
“The detailed understanding of our operations that has been developed through each individual’s tenure has enabled them to contribute to the way in which the Market’s offering has evolved, with David’s insight and expertise being something that we utilise on a very regular basis.”
David Holloway, director at RMT Accountants & Business Advisors, adds: “Having a professional relationship with such an iconic Durham business for such a great long time is a unique accomplishment.
“We’re proud to have played such an enduring role in the Durham Markets Company’s success and to be part of the next stages of its continuing development.”
For more information on the Durham Markets Company, its full list of current traders and the opportunities for new businesses to move into the market hall, please visit www.durhammarkets.co.uk