Billingsgate market trades 25,000 tonnes of seafood a year but the land it sits on may be worth more than the price of fish.
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The City of London Corporation has voted to withdraw its support for both Billingsgate and Smithfield markets. This signals the end of the historic trading sites, which have been part of the capital’s mercantile scenery for over 800 years.
The corporation, which owns the markets, made the decision after a lengthy debate surrounding the feasibility of the sites. The idea has been proposed a number of times over the past century. Now the decision is final, closure could come as early as 2028.
An attempt to move both markets to a new location in Dagenham failed due to concerns over rising cost. £300m had already been spent on the proposed site when it was finally dropped last month. It was expected to reach a staggering £1 billion by the time the move was complete.
London’s iconic market heritage dates back to a charter granted by Edward III in 1327, a factor that will take this issue to Parliament.
Bargain or sold down the river?
The City of London Corporation instead struck a deal with traders from both markets. £150m has been allocated to each. The proportion that each trader will receive depends on several factors. This includes how long they have been conducting business at the market.
The pay-out aims to help traders transition to new locations and re-establish their businesses. The current site is likely to be used for affordable housing.
The corporation declined to answer City News’ questions but outlined their intent in a lengthy press release:
This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers Traders to build a sustainable future in premises that align with their long-term business goals…We’re committed to making sure they have the financial support and guidance they need…
-Policy Chairman of the City of London Corporation, Chris Hayward
Mood amongst the stalls
In the early hours, traders in Billingsgate shared their reactions to the news.
Steven Moore has been a trader since 1976, beginning his career at the old Billingsgate site. For him it is the loss of heritage and what he describes as an end of a community that troubles him the most. He feels the community has been let down by the corporation. “They talk about traditions, but that’s all gone now, its more about money.”
There was a sense of apprehension amongst the market stalls. Many of the traders would only speak on conditions of anonymity.
The final distribution of the pay-out is still under negotiation amongst the companies. There are also questions over where they will relocate. A potential “mini-Billingsgate” set up by a collective of traders on purchased land was mentioned by several individuals. However, no firm details were disclosed.
One trader expressed his outrage over the £1 million settlement offered to his family’s firm. He believes that the amount grossly undervalues a business that has been running for almost a century, across multiple generations.
‘Gangsters in suits’ is how Steven Moore, a veteran trader, describes the corporation and their dealings with the Billingsgate trading community.
Hundreds of traders and their employees will have to relocate across the capital and potentially further afield. However, for many there is a question over feasibility. Individual storage units or shops don’t offer up the variety or quantity for buyers from the hospitality and food industry.
Untenable logistics
Traders working in isolation across London will need to deliver to clients across multiple locations. When dealing with a fresh product like fish, this means early starts. Soon to become earlier. An increase in deliveries requires the logistical support to match it. All of this needs funding and not just for the market traders.
One fishmonger from South East London, who relies heavily on Billingsgate for imported fish, is deeply concerned by the news. He has been in business for 41 years and is now considering not renewing his lease. He claims that he can’t afford to buy the fleet of vans that would be required to get all the produce from across the city in time for opening. The business, which he had hoped to pass down to his son, may be forced to closed.
The future of Billingsgate may now be decided. However, the prospects of its traders and the community built around it, is far from certain.
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Headline
Short Headline
Standfirst
Published Article
HeadlineBillingsgate market closure: a blow to tradition and trade
Short Headline Centuries of trading to end
StandfirstMonths of talks between traders and the City ensures closure will not be contested.
The City of London Corporation has voted to withdraw its support for both Billingsgate and Smithfield markets. This signals the end of the historic trading sites, which have been part of the capital’s mercantile scenery for over 800 years.
The corporation, which owns the markets, made the decision after a lengthy debate surrounding the feasibility of the sites. The idea has been proposed a number of times over the past century. Now the decision is final, closure could come as early as 2028.
An attempt to move both markets to a new location in Dagenham failed due to concerns over rising cost. £300m had already been spent on the proposed site when it was finally dropped last month. It was expected to reach a staggering £1 billion by the time the move was complete.
London’s iconic market heritage dates back to a charter granted by Edward III in 1327, a factor that will take this issue to Parliament.
Bargain or sold down the river?
The City of London Corporation instead struck a deal with traders from both markets. £150m has been allocated to each. The proportion that each trader will receive depends on several factors. This includes how long they have been conducting business at the market.
The pay-out aims to help traders transition to new locations and re-establish their businesses. The current site is likely to be used for affordable housing.
The corporation declined to answer City News’ questions but outlined their intent in a lengthy press release:
This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers Traders to build a sustainable future in premises that align with their long-term business goals…We’re committed to making sure they have the financial support and guidance they need…
-Policy Chairman of the City of London Corporation, Chris Hayward
Mood amongst the stalls
In the early hours, traders in Billingsgate shared their reactions to the news.
Steven Moore has been a trader since 1976, beginning his career at the old Billingsgate site. For him it is the loss of heritage and what he describes as an end of a community that troubles him the most. He feels the community has been let down by the corporation. “They talk about traditions, but that’s all gone now, its more about money.”
There was a sense of apprehension amongst the market stalls. Many of the traders would only speak on conditions of anonymity.
The final distribution of the pay-out is still under negotiation amongst the companies. There are also questions over where they will relocate. A potential “mini-Billingsgate” set up by a collective of traders on purchased land was mentioned by several individuals. However, no firm details were disclosed.
One trader expressed his outrage over the £1 million settlement offered to his family’s firm. He believes that the amount grossly undervalues a business that has been running for almost a century, across multiple generations.
‘Gangsters in suits’ is how Steven Moore, a veteran trader, describes the corporation and their dealings with the Billingsgate trading community.
Hundreds of traders and their employees will have to relocate across the capital and potentially further afield. However, for many there is a question over feasibility. Individual storage units or shops don’t offer up the variety or quantity for buyers from the hospitality and food industry.
Untenable logistics
Traders working in isolation across London will need to deliver to clients across multiple locations. When dealing with a fresh product like fish, this means early starts. Soon to become earlier. An increase in deliveries requires the logistical support to match it. All of this needs funding and not just for the market traders.
One fishmonger from South East London, who relies heavily on Billingsgate for imported fish, is deeply concerned by the news. He has been in business for 41 years and is now considering not renewing his lease. He claims that he can’t afford to buy the fleet of vans that would be required to get all the produce from across the city in time for opening. The business, which he had hoped to pass down to his son, may be forced to closed.
The future of Billingsgate may now be decided. However, the prospects of its traders and the community built around it, is far from certain.
