Historic market marks 120-year partnership

A historic North East market is celebrating two landmark anniversaries while reflecting on a business relationship that has spanned more than a century.

Durham Markets Company is marking its 175th anniversary this year, alongside 120 years of support from the Durham office of what is now RMT Accountants & Business Advisors.

The relationship dates back to 1906 and has seen a senior member of the accountancy practice serve continuously as either company secretary or a director of the market company.

Today, RMT director David Holloway sits on the Durham Markets Company board, working with its management team on day-to-day financial matters and the organisation's long-term strategic development.

David said: “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.”

Founded in 1851 through an Act of Parliament, Durham Markets Company established a business model combining income from market stalls with rental revenue from shops and offices, helping to secure its long-term future.

The market has evolved significantly over the years, expanding from Saturday-only trading to its current six-day operation following a major refurbishment in 1996.

Today, around 40 independent traders operate from the historic market hall, offering everything from food and drink, homeware and fashion to specialist services including phone repairs, hairdressing, tattoos and piercings.

The site is also home to the Market Tavern pub, the Spice Lounge Indian restaurant and a nightclub within its historic vaults.

Alongside its retail offer, Durham Markets Company works with organisations including Durham University and Durham BID to deliver events that encourage more visitors into the city centre.

It also supports new enterprises through initiatives such as its Young Traders’ Market, helping aspiring entrepreneurs take their first steps in business.

Richard Brass, director at the Durham Markets Company, added: “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.” 

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