London’s Smithfield meat market is set to close after more than 800 years, with trading expected to cease permanently after 2028.
The City of London Corporation, which manages the site, said on Tuesday its council had voted to shut down the Smithfield and Billingsgate fish market.
The original plan had been to relocate the markets to a £1 billion housing complex in Dagenham, but a sharp rise in construction costs and wider inflation forced a rethink.
Those plans were put on hold this month, and the company confirmed Tuesday that it had officially ended its interest in the relocation.
The group said it would provide financial compensation to traders, who can continue to be present in both markets until at least 2028.
In the meantime, the company will submit a bill to Parliament on Wednesday to exempt it from any liability to the market.
Chris Hayward, political chairman of the City of London Corporation, said the move “represents a positive new chapter” for the markets, allowing traders to “build a sustainable future in premises that match their long-term business objectives”. .
Butchers sell meat at auction in Smithfield. Photo: PA
“By withdrawing from direct market operations, we will help create opportunities for these companies to thrive independently,” he said.
“We are committed to ensuring they have the financial support and guidance they need to make a smooth and successful transition to new locations.”
A market has existed around the Smithfield site for over 800 years, with the company receiving the right to run it and other wholesale food markets in 1327.
Photo: PA
The current site was built in 1868 and designed by the architect Sir Horace Jones, who was also responsible for the redevelopment of Billingsgate during the same century.
However, the UK’s largest indoor fish market was moved to Canary Wharf in 1982, with the company managing the site and paying its ground rent.
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Dominic Twomey, leader of Barking and Dagenham Council, said it was “disappointing news” but he understands the “financial pressures” and “skyrocketing inflation”.
Plans to create a new London Museum at the Smithfield site will not be affected, the company said, while Billingsgate will be transformed into housing, under the proposals.