THE Market House in Taunton and the Cornhill in Bridgwater could be sold-off to plug an £80 million funding gap.

Somerset Council members will consider a report next Wednesday (July 24) which recommends the disposal of the assets as a direct response to the dire financial state of the council.

The report and recommendations will then be presented to the Executive for a final decision on August 7.

Somerset Council needs to bridge an £80m funding gap in the current financial year and a £100m budget gap for 2025/2026.

The Market House in Taunton and the Cornhill in Bridgwater have a combined estimated capital receipt range of £17m to £21m.

However, information relating to individual asset disposals remains commercially confidential. 

The Cornhill has been identified for sale as part of an ongoing review of assets Picture: Google

The Leader of Somerset Council, cllr Bill Revans, is writing to the new Prime Minister, Keir Starmer, highlighting the challenges facing local councils and calling for urgent action to prioritise local government.

He is also requesting a meeting to discuss the crisis with the new Secretary of State for Housing, Communities and Local Government, Angela Rayner.

Cllr Revans said: “We have worked incredibly hard to reduce our spending and have never shied away from taking difficult decisions to find savings across all service areas. 

Bill Revans, leader of Somerset Council

“We’ve worked in partnership with city, town and parish councils to protect services and assets as far as possible but as this report shows we continue to face heart-breaking decisions that will have a visible and lasting impact on our communities.” 

Cllr Ros Wyke, Lead Member for Economic Development, Planning and Assets, said: “Somerset Council is committed to evaluation of and, where appropriate, rationalisation of its surplus property and land portfolio to reduce costs and ensure that the council’s estate is financially sustainable. 

“This drastic action is in response to the well documented financial emergency facing Somerset Council and the capitalisation direction approved by the former government which encouraged us to sell surplus property and assets, and use the capital receipts to fund essential services, like adults and children’s social care.” 

The report to the Resources and Corporate Scrutiny Committee can be found here: Report on Non-Operational Assets – CR Scrutiny Committee 24 July 2024.pdf (somerset.gov.uk)