TRADERS are celebrating after the management firm they claim has held back the success of their £4.5 million market is to leave their contract early.

Ethical Property management has announced it is terminating its contract to manage Brighton's Open Market from next month.

Traders have been calling for the firm to stand aside and let them manage the site themselves since Ethical requested an emergency loan of £61,000 from Brighton and Hove City Council in October.

The firm is set to end their agreement just 20 months into a three year contract although they will retain a presence on the board of the market’s community interest company.

Traders said a letter they received from the management firm stated adverse publicity around the dispute was partly behind their decision to stand down.

The future management arrangements for the site are set to become clearer after a board meeting on Wednesday and a further meeting with traders next week.

Questions have been raised about the performance, staffing levels and controls on spending exercised by Ethical since the market opened in 2014.

Mohammed Asaduzzaman, market trader and CIC board member, said: “The fact that they are going is nice, all the traders are delighted.

“But it doesn’t change that we will still have to look very carefully at the books to see how they have spent the money.

“We have to have meetings to discuss what happens next but we are positive about the market’s successful future.”

Trader Pat Mears said: “We think it’s good news but we will know more once all the traders have met next week to discuss how we go from here.

“We would be keen to run the market ourselves but we need to see if the rest of the stallholders want to do this as well.”

Conrad Peberdy, director of development at Ethical Property Management, said: “We believe the market is an amazing resource for the local community and as such will continue to work with the board to ensure the smooth transition of management, plus we will remain as co-investors and board members to support the board in ensuring the market fulfils its potential.”