The long-awaited refurbishment will be carried out by specialists Quarterbridge, which has transformed the fortunes of markets across the country.
Work could begin within 12 months.
Sefton Council’s tourism boss Tony Corfield said: “Present advice tells us that, if the market carries on in its present form, it will likely fail within a five-10 year period which will be extremely damaging to both the existing stallholders and the town’s wider retail offer.”
Stallholders’ spokesman Wendy Miller said: “I’m thrilled. We have been waiting a long time, but it was certainly worth the wait.”
