Henley in Arden's former cattle market is being wound up after a £5 million bonanza for local farmers.

However the market will continue on a temporary basis.

Nearly 200 members have been paid £19,000 each with the possibility of a further £2,000 final distribution.

Members voted last March to sell the 2.7-acre market site to Taylor Woodrow for housing.

However, a limited market will continue while the firm waits for a planning go-ahead.

Cattle sales have long since ceased with the market's original purpose diminishing over recent years due to a succession of events including BSE in the early 1990s, foot and mouth, bird flu and the way livestock was traded in the UK.

It therefore had far less relevance to the farming community.

However, stalls on a Wednesday and Saturday, poultry sales and the occasional horse sale are set to continue meantime.

At a meeting this week, the members of Henley in Arden Auction Sales voted unanimously for its liquidation and appointed Christopher Moore, of K.J. Watkin & Co, to wind it up.

While all trading by the society itself will cease with immediate effect. John Amor, its former chairman, has agreed to take over the lease of the site provided by Taylor Wimpey to enable the market to continue in the short term.

Mr Amor said: "It will continue to be business as usual for the market in the short-term. This should help the remaining stallholders while other options are being pursued."

Company specialist Alan Adam, who has been advising the society throughout, said: "This is hopefully a very satisfactory outcome.

"The funds which the farming community has received in relation to this sale will, I am sure, provide some deserved compensation for the difficulties it has faced during recent years."