Meat traders agree plan for 'New Smithfield' market within M25 amid closure fears

In a joint statement, the Smithfield Market Tenants’ Association (SMTA) and the City of London Corporation also revealed any future site will be named ‘New Smithfield’.

They added that around 70 per cent of traders are planning on relocating. Those who do not move will transfer their businesses to other traders, which the Corporation and the SMTA said will ensure the supply chain is not impacted.

The Chair of Policy and Resources and de-facto political leader at the Corporation, Deputy Chris Hayward, said the update ‘demonstrates our commitment to helping traders grow and operate sustainably and successfully for many more generations to come’.

The Corporation also published a joint statement with the London Fish Merchants’ Association (LFMA), which is similarly looking for a new site after the City agreed to close down both Smithfield and Billingsgate markets.

In the statement, the LFMA, which represents Billingsgate traders, revealed 90 per cent have indicated they will continue operating once they leave their current base in Poplar, near Canary Wharf. Smithfield is the UK’s largest wholesale meat market and Billingsgate the biggest inland fish market.

READ MORE: From Billingsgate to Smithfield - 10 photographs of London’s markets over the last 100 years

Last month the Corporation agreed to cancel plans to relocate Smithfield and Billingsgate, and at a later point New Spitalfields, to a new state-of-the-art facility in Dagenham and to instead shut down both sites. This was due to growing concerns about the cost of the move and the future suitability of the existing markets.

Following the Court of Common Council meeting at which the decision was made, which was largely held in private, Deputy Hayward said the approval represented a ‘positive new chapter’ for the markets. He added that traders will receive support to move to new locations, with a compensation package agreed with both markets.

In the joint Corporation and SMTA statement, issued on Monday (December 23), it stated work on the future of wholesale meat provision to London and the South East has been ongoing ‘for some time’.

“It has become apparent in recent years that the location of the meat market is no longer viable due to road closures and unacceptable traffic congestion around the existing site. In addition, the Grade-II* listed buildings offer no scope for the traders’ businesses to physically expand and grow. As a result, both parties have agreed a compensation package that financially supports the traders to relocate to new premises.”

READ MORE: Petition calling for Smithfield Market to be saved from closure draws thousands of signatures

It continued to note that the SMTA has confirmed 70 per cent of traders intend to move to a new facility ‘within the M25’, and that those who do not wish to relocate will transfer their businesses to other traders.

Construction is expected to align with the closure of Smithfield in 2028/29. The Corporation and the LFMA’s joint statement meanwhile revealed 90 per cent of Billingsgate traders have indicated they will continue operating after the market is closed in the next three-to-four years.

“The LFMA and the CoLC have agreed a package of financial support that will enable Billingsgate Traders to move to new facilities and are confident that the traders will continue to serve the whole of London and the South-East and that they will continue to thrive and prosper.”

Deputy Hayward said: “The progress we’re announcing today demonstrates our commitment to helping traders grow and operate sustainably and successfully for many more generations to come. Presently, there is no space for traders to expand, and our collaboration represents the best possible outcome for traders and the City.

“Our priority for these sites is to transform these areas, creating a new cultural destination, delivering additional housing, creating more jobs and spurring economic growth, contributing to the Government’s number one priority.”

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Smithfield is to be redeveloped and turned into a new mixed-use cultural hub, including the London Museum, while Billingsgate is earmarked for housing. To officially withdraw from running the two markets the Corporation has had to file a Private Bill with Parliament. It is due to go before either House in January, and will require Parliament’s approval.

The news of the plans to close the markets has drawn substantial attention, with a petition calling for the Corporation to reverse its decision securing almost 30,000 signatures at the time of writing. The London Assembly has also urged Mayor Sadiq Khan to fight to try and prevent their closure.

Concerns raised include the loss of a heritage asset such as the Smithfield market and potential implications for food security. Some traders meanwhile have spoken of their frustration with the cancelled relocation to Dagenham.

Tony Lyons, a trader and Chair of the LFMA, previously told the Local Democracy Reporting Service (LDRS) he was ‘absolutely gutted’ by the decision to kill the move. He, however, retained faith in the future of Billingsgate in some form. “It’s not just about me,” he said. “This is an institution, and it has to keep going.”