Proposals for a £3.3m revamp for Ipswich’s historic Cornhill have been given a warm welcome by market traders based in the heart of the town.

The final piece in the funding jigsaw was agreed by the New Anglia Local Enterprise Partnership on Wednesday when it agreed to match the money already pledged by the borough and county councils.

That means work should start on rebuilding the Cornhill next summer – and the new look heart of the town centre should be complete by the summer of 2018.

During the rebuilding work the market will have to move, and traders were told about the plans by borough council leader David Ellesmere as soon as the funding deal was agreed.

Some will move into Queen Street and the top of Princes Street and there could be some sited in the Butter Market Street and along part of Tavern and Westgate Streets.

Mr Ellesmere said: “We had a very positive meeting. The traders know what we are trying to do a the Cornhill and they realise it will be good for the town.”

Fishmonger Mike Young said he and his fellow traders have been reassured about the plans for the future of the Cornhill.

He said: “We are confident it will all work out well for the traders. It was good to be able to have such a good meeting with David Ellesmere yesterday and it is clear that the borough is aware of our needs.”

Once the work at the Cornhill is complete the market is expected to spread out from its current home down Queen Street – which is being pedestrianised later this year – and along other roads in the town centre.

But the borough has given a commitment that the stalls will remain in the heart of the town with a clear identity once the Cornhill reconstruction project has been completed.