STALLHOLDERS at Bolton Market Hall will have to shut up shop at the beginning of next year, it has been revealed.

Around 50 traders currently still operating from the building have been told they must leave by Saturday, January 13.

Two months later, work will begin on a £30 million revamp which will see the stalls replaced by a shopping mall featuring High Street names.

Traders had been told earlier this year that they would be allowed to remain in the Market Hall until early 2007.

Compensation packages have now been signed with all stallholders which means the development can go ahead.

It will include a glass-fronted extension in Bridge Street and modern shop units on two floors with escalators and coffee shops.

Although traders knew closure of their stalls was looming, letters announcing the final day of trading were met with a mixture of shock and anger.

Many believie it to be the final nail in the coffin for small business owners in Bolton.

Jane Scully, whose family have owned J Hool, a natural food and herbalist stall, at the Grade II listed hall for the past 140 years, said: "In a way it's a relief to know where we stand, although the writing's been on the wall for a while.

"These last 12 months have been horrendous. We were meant to be out in March but they kept renewing our lease. A lot of our customers thought we had already left.

"We've managed to find another unit on the open market in Ashburner Street but a lot of businesses are shutting up for good.

"The hall's going to be a building site for the next two years and I think the town centre is going to die a death."

Peter Sumner of Sumner's Fancy Goods says he has been left with no other option other than to close his family business for good.

He said: "My family have had a stall here for the past 95 years. I think I'm in a state of denial and shock. The council has an ageing building that needs money spending on it.

"The compensation is minimal - the rateable value plus 50 per cent. Businesses which have been here for more than 14 years will get double their rateable value but half my compensation will be going on redundancy pay for my staff who have all been with me for over 20 years.

"I'm not going to be able to start another business with what's left. I'm finished with Bolton. It's just going to turn into another clone town."

Jason Barnsdale, senior asset manager for Agora Shopping Centres which owns the Market Hall, said: "We are now reaching advanced stages of discussion with a variety of retailers keen to take space in the 96,416 sq ft restored Market Hall.

"This includes a mix of both independent local retailers who are currently trading here, and national names, which would be new to the town. We expect to be able to announce the tenant line-up as soon as the legal agreements are signed later in the autumn, in accordance with the timetable we have already discussed with Bolton Council and our tenants."

Cllr Ebrahim Adia, Bolton Council's Executive Member for Development, said: "This is the first of what will be a series of major development schemes in the town centre and will help ensure Bolton's position as one of the top shopping destinations in the North West.

"We are delighted to hear that Agora have made such good progress in securing the mix of local and national retailers that will make the Market Hall such a quality shopping experience."