This week an east London council took over the lease of a local market after the company running the site went into administration.
More than 60 local businesses and more than 100 workers were affected by the sudden closure of Stratford Market Village on January 10.
Newham Council made the decision to take on a 15-year lease following cabinet approval on Tuesday April 2.
Angie and Ali Akbas, owners of a cafe in the market, said: “It means so much to regain our business of over 20 years back and be able to connect with our customers, who we have missed over the past three stressful months.”
Unex Group Holdings Limited is the landlord of Stratford Market, but the lease has been held by Stratford Market Properties Ltd, which went into administration at the beginning of the year.
A petition was launched in January by Samantha Scott of GT Spice Caribbean Takeaway which called for Unex to reopen Market Village.
Newham Council has identified £700,000 in funding through the Greater London Authority's Good Growth Fund to take on the lease.
The money will be used to support the operating costs of Market Village and the council during the one-year trial period.
Newham mayor Rokhsana Fiaz said: “I am pleased that we have been able to arrive at a resolution, it’s not been easy, it’s been particularly challenging and I’m sure officers and colleagues involved will be able to attest to that.”
Traders have been told the market is due to reopen later this month.
London’s markets make up a vital part of life in the capital and serve as an attraction for tourists and locals.
To celebrate the reopening of Stratford Market Village, we’ve taken a look at some of London’s most beloved markets.
1. Stratford Market Village
Traders at Stratford Market Village celebrate after Newham Council agrees to take on its lease. Traders were forced to leave their units in January after the company running the site went into administration. Market Village has been serving the Stratford community since 1974.
2. Ridley Road Market in Dalston
Ridley Road Market has been serving locals in Dalston since the end of the 1880s. It is one of the most vibrant markets in east London offering Afro-Caribbean, Asian and European goods. Ridley Road Market recently featured in the Netflix hit programme Top Boy.
3. Smithfield Market
Smithfield meat market is one of London's oldest and has been operating since the 10th century. The historic market is set to be relocated from the city centre to east of the capital following plans approved by the City of London Corporation. Smithfield and Billingsgate markets will relocate to a purpose-built site at Dagenham Dock in east London as part of a £1bn regeneration project.
4. Billingsgate market
Billingsgate Market is the UK's largest inland fish market. The original market opened in the mid-19th century on Lower Thames Street, and was relocated to the Docklands in 1982. Billingsgate and Smithfield markets are set to relocate to a purpose-built site at Dagenham Dock in east London as part of a £1bn regeneration project. The new market is expected to open between 2027-2028.