The management of Chorley's two markets is set to be privatised in a bid to inject some investment and more entrepreneurial spirit.

Chorley Borough Council has released a timetable for the handover of market operations which could see the running of the historic Flat Iron and covered markets in private hands by April 2006.

The council's property services function, which manages publicly owned land and buildings, is also up for grabs as the council attempts to cut costs by outsourcing some of its traditional departments.

The introduction of the private sector into market management follows concern within the council and among traders about the decline of the markets.

As well as private sector management, a range of measures were recommended by councillors to rejuvenate the markets, including transferring some Flat Iron stalls to Market Street and Fazackerly Street and providing space for visiting coaches.

Interested parties have been invited by the council to an open day on Friday, August 25 to discuss what they can bring to the markets and to clarify the application process.

After detailed discussions with suitable applicants early next year, the successful bidder will be informed next March, and take over the reigns from April 1, 2006.

No job losses are expected as a result of the changes and existing staff will have their employment terms protected under current legislation.

Roger Handscombe, head of property services said: "The thinking behind the market proposal is to introduce a way of thinking which is more commercial and entrepreneurial.

"We also are hoping that any partner we choose will have more scope for capital investment in the market facilities and have a track record of improving markets elsewhere.

"We have had strong interest in both functions we intend to outsource."