AFTER a scare that the Folly Market in Petersfield was to be converted into apartments, traders in the indoor mall were delighted and relieved to learn the plan had been scrapped.

On Friday (October 21) they were told that a new 10-year lease on the market had been agreed with Folly Wine Bar owner Jerry Hicks, and that their businesses were safe

Mr Hicks was told by Philip Rose Ltd, the company that owns the building in College Street, the new lease would begin on March 7, 2017, and would be on “broadly similar terms to the existing lease.”

The company also reassured him that the future of the market was “secure in the long term.”

Elaine and Duncan Eves, who own a jewellery shop in the Folly, were delighted with the news the redevelopment threat hanging over the market for the past 15 months had been lifted.

Elaine Eves said: “A year ago, there was a lot of uncertainty surrounding the business owners here at the Folly. We were concerned because so many livelihoods are dependent on the Folly remaining as it is.

“The support we have had from the public shows what the Folly Market means to the Petersfield community.”

But Elizabeth Hayward, the owner of Dragon Treasures, who has traded at the Folly Market for 21 years, was more cautious about the deal.

She said: “Although the agreement has been made, the document has yet to be actually signed. I do not believe the Folly Market has been saved yet.

“This could all just be a ploy, but I am hopeful that Jerry is still happy to make the 10-year lease a reality.”

Jerry Hicks, who owns the Folly Wine Bar and manages the market, said: “Renewing the leases has made me ecstatic. I can’t wait for things to go back to business as usual.

“I hope to squash rumours of the market closing. This lease deal has reassured me and the tenants.”

The market was Petersfield’s first garage and car showroom, but in 1978 it was converted into shops and a wine bar.

Last summer plans were drawn up for parts of it to demolished and apartments built, plans that are now abandoned, according to Philip Rose Ltd.