Andy Walter, Rob Graham, Eric Vanderwal and Adrian Stevens decided to take on the lease when it was advertised earlier this year.

“Dean Montgomery, the owner, has extensive international and national business interests and he wanted to step back from the day-to-day running of the market,” Mr Walter said.

“He was keen to have existing stallholders take over.”

Mr Graham said the four were concerned other interested parties would increase the price of rent to stallholders.

“There was a very real danger it could have just been taken over by someone from Melbourne,” he said.

“There were a few interested parties but they intended to increase the rental to metropolitan levels and make it a profit-making venture at the expense of stallholders here and the community.”

Mr Graham said the four men were concerned this would spell the end for the market, which has been operating for 11 years.

“Being a regional town relying on summer trade you make money over summer but then all of a sudden you wouldn’t make any money and if the rentals were high, the stallholders would eventually move out and the market would close,” he said.

“I think within 12 months it would have struggled to continue.”

The market attracts about 500,000 people each year, with customers travelling from as far afield as Melbourne or Adelaide to visit it.

The market is home to about 35 stallholders and has the potential to house more.

Mr Vanderwal said the four hoped to continue to offer quality antiques and collectables and improve the shopping experience for customers. The market is open seven days a week.

Anyone interested in joining the team at the market is encouraged to call 5562 9936.