THE future of Abingdon’s historic Guildhall has been secured in a £1m deal, civic leaders have revealed.

An agreement has been reached that will see Abingdon Town Council take over the loss-making Abbey Close venue from Vale of White Horse District Council.

The town council said it is better placed to bring in more community groups and therefore run the building more profitably.

The district council warned last year that it could sell or shut the venue, which loses it £100,000 a year.

But it will now give the town council £1m to run and renovate the building in a bid to get more people to use it.

Town council leader Lesley Legge said: “We are delighted that we are now in a position to take over the running of the Guildhall complex for the people of Abingdon.

“The town council will look at the option of some sort of trust to run the hall. We feel we are in a better position to run this local facility.

“If the deal had not gone ahead then the Guildhall would have had to close for longer periods during the year, but now its future is assured.”

Mrs Legge said the town council could not say how long it would take before the Guildhall would break even.

She added: “We don’t consider the money from the Vale to be a gift because running the hall will be a big responsibility.”

The district council said the £1m would not affect its share of the council tax as the cash will come from a pot set aside for building projects.

Mrs Legge said the town council had no plans in the foreseeable future to raise its council tax precept as a result of the deal.

Setting up a charitable trust to run the building would mean the town council could get an 80 per cent reduction in business rates set by the Government.

Richard Webber, deputy leader of the Vale council, said: “Councillors and officers have worked hard on this for the past 18 months and we do feel this is a clever and unusual coming together of the needs and capabilities of the two councils.”

Vale strategic director Matt Prosser added: “If this agreement had not gone ahead the operation of the Guildhall would have been very different. It’s Grade II-listed so you could not simply have closed it.”

The district council had slashed annual Guildhall losses from £183,000 to £100,000 by axeing three staff and changing staffing rotas. Its executive is expected to approve the deal in January.

The oldest section of the Guildhall is a listed building and the Roysse Room is thought to date back to 1563.