COUNCIL bosses are close to agreeing a deal which would see hundreds of thousands of pounds invested in Accrington's historic market hall.

Hyndburn Council leader Peter Britcliffe said he was in talks with three potential investors this week.

And he expects to make an announcement at the council's next cabinet meeting on February 15.

Once a successful bidder is chosen, it is hoped money will begin to flood into the site, bringing improvements which could include a new cafe and floodlighting.

Coun Britcliffe said: "These are significant meetings. We are getting together with the three interested parties to examine the bids. It is very important to Hyndburn people that we get this right.

"Hopefully, very shortly, we will be seeing major improvements to our market hall and markets. It is good news for Accrington."

Coun Britcliffe also reassured stallholders the market hall would not be sold off.

He added: "The market hall will remain a market hall. We are looking to work in partnership with an outside investor to take the market hall into the future by developing its huge potential certainly not to sell it off."

The council has been searching for a new investor for more than a year.

In November 2004, the authority admitted it could not afford to spend the hundreds of thousands of pounds needed to give the market a facelift, and announced it was looking for a company to help.

The market is being offered to candidates on a 125-year lease.

The three companies meeting with the council have been chosen from an initial list of eight.