Stallholders at Surrey Street Market are sceptical they will see the fruits of new funding Croydon Council has promised will “breathe new life” into the area.

Councillor Mark Watson, cabinet member for communities, safety and justice, announced the injection of £500,000 into 700-year-old market this week to pay for new lighting, paving and signs.

Farmers markets, pop-up stalls, public art and evening and Sunday trading are being considered to revitalise the market, which currently operates from Monday to Saturday.

Cllr Watson said the authority wanted to see the market become a “truly vibrant, buzzing, seven-days-a-week venue” to “rival the best street markets in London”.

But traders say they have “heard it before” and did not think much would come of it.

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Tom Poole, 61, has run a stall selling household goods at Surrey Street six days a week since 1999.

He said: “I have been asking for several years for the road to be resurfaced. That is my main concern.

“The place needs a complete going over; it looks so decrepit now.

“There needs to be more signposts put up in the town, there are so many people moving into Croydon at the moment but no one knows we are here.

“We don’t want the market to disappear and there are lots of markets in the country that have disappeared.”

Craig Vinte, 23, who runs a fruit-and-vegetable stall, said: “It depends on what they spend the money on. I know they have some ideas but then these ideas don’t come off and they seem to fade away.

“The main thing we need down here is a roof or something over the top of us so we can operate in all-weather just like everywhere else.

“It [the market] is dying and it needs reviving.”

Tony Lancley, 53, who also runs fruit and veg stall, said the funding would only be beneficial if it attracts more variety.

He added: “They need to actually promote the market. There is none at the moment - at either end of the market there needs to be a sign.

“They need to stop bringing in fruit-and-veg shops and put more choice here because all they are doing is flooding the market with fruit and veg and there is enough of it here. It is pushing long-standing traders out.”

About 30 people attended a public meeting on Wednesday night to ask stallholders what they want the funding to be used for.

Cllr Watson said: “I wouldn’t have announced the funding if we weren’t going to use it.

“I have said I want this done before the summer is out. It will get done.

“There will be a new street theme down there, there will be some new lighting down there, I would like to get the archways and the signage in. All of these things are doable.

“Existing market traders and local businesses will see huge benefit from these positive changes and the subsequent growth in trade that we’re now seeing in other parts of the town.”

Cllr Watson said he hoped to have a report on the improvement works to the council cabinet in May and for work to start immediately after.