Costs for the renovation of Cardigan Market Hall have spiralled, a council report has outlined, but work is set to be completed on schedule.

A report to be put before Ceredigion County Council Cabinet members on Tuesday calls for more funding to be made available to the project as estimates now put the project at £2.95m.

The Cardigan Markethall Project will facilitate the restoration, repair and provision of updated facilities for this historic Grade 2 market hhall, securing its long-term future and sustainability for market traders and opportunities for new enterprises.

“The initial project was estimated a £1.8m renovation, to which the council agreed a contribution of £460,000,” a report outlines.

“Upon receiving the tenders for the Phase 2 works, the costs increased by £900,000 and a combination of value engineering (£200,000) and

additional grant funding (£700,000) covered the shortfall.”

Delays in the project, and additional costs, were added after phase one of the works in early 2021 discovered a sewage overflow system in a room of the toilet block set to be demolished.

“The unforeseen works and delays have added £313,450 to the cost of the project,” the report adds.

“During the construction of Phase 1 and Phase 2 of the project, costs have escalated in other areas too, but this has been managed through a combination of value engineering and the securing of other sources of funding.

“The total cost of the project now amounts to £2.95m.

“Works in restoring and modernising the Market Hall itself are now well underway and is proceeding smoothly and scheduled to be completed on programme.”