THE majority of traders at Oxford’s Covered Market have shown confidence in its future by signing new long-term leases.

The 15-year leases for 56 of the Covered Market’s units came up for renewal in March last year. At the time there were 60 units in the market.

The city council, landlord of the Grade II-listed building, has now completed leases with the tenants of 43 units and three more deals are due to be completed shortly.

.The council would not disclose the exact number, but the majority of traders have opted again for 15-year leases. The council said it has been ‘flexible’ on the length of tenancies

Graham MacDonald, director of the Covered Market Tenants’ Association and owner of iScream Gelateria, said: “I am glad the council has let different units on varying terms, which means we should avoid the lease renewal process occurring at the same time.

“Last year the majority of the Covered Market traders had, for the first time in 15 years, an opportunity to review their futures.

“Some traders chose to retire, and some chose to explore business opportunities elsewhere, but the overwhelming majority are now committed to the future of their business and to the future of the Covered Market.

“There are exciting new shops opening in the market almost every week.”

Mr MacDonald welcomed the council’s decision to divide empty units to make them more attractive and affordable for new businesses.

Since March last year tenants from 10 units decided, for a variety of reasons, not to renew their leases.

During the same period, food outlet Souvlaki Brothers and clothing store Leonard Jay opened have in the market.

The Oxford Soap Company opened last week, with Fedele of Oxford, selling high-quality leather goods, opening soon.

The market now has 61 units - with 58 occupied in the run-up to Christmas.

The number of units will rise to 63 later this year when the former Haymans fish unit is split.

The council is investing £3.1m, including £1.8m to fix the roof. The Market Street entrance could also be revamped after Jesus College starts work on Northgate House.