London’s historic Smithfield meat market is set to close for good after more than 800 years of trading.
The City of London Corporation said its council voted to stop operating Smithfield and Billingsgate fish market on Tuesday afternoon.
The corporation, which owns and operates the site, had previously planned to relocate the market and Billingsgate to a new £1 billion development in Dagenham.
The corporation put the relocation plans on hold earlier this month and confirmed at a private Court of Common Council meeting on Tuesday that it has formally ended its interest in relocating the two sites.
It said it will now provide financial compensation to traders at the markets.
The Times has reported that the deal could total more than £300 million.
Traders will be able to continue their operations at the markets until at least 2028, the corporation added.
The corporation will table a Bill in Parliament on Wednesday to absolve it of responsibility for running the market.
Members of the corporation’s council blamed the decision to axe its relocation plans on a sharp rise in construction costs and wider inflation, which “made the move unaffordable”.
A market has existed around the site for more than 800 years. The corporation was given the right to run it and other wholesale food markets in 1327.
The current market site was built in 1868, designed by architect Sir Horace Jones.
Billingsgate was also designed by Sir Horace when it was redeveloped in the 19th century.
However, the UK’s largest inland fish market was moved to its current site in Canary Wharf in 1982. The City of London Corporation runs the site and pays ground rent.
There are proposals to transform the land of the current Billingsgate site for a mixed-use housing scheme.
The corporation said existing plans to make a new London Museum – previously called the Museum of London – at West Smithfield are “well under way” and will not be impacted.
Chris Hayward, policy chairman of the City of London Corporation, said: “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.
“By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently.
“We’ve worked closely with the traders and thank them for their input and understanding.
“We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.”
Dominic Twomey, leader of Barking and Dagenham Council, said: “While this is disappointing news, we understand the financial pressures that key investment projects are facing with soaring inflation in recent years.
“We are committed to continue working with the City of London Corporation to unlock the huge potential of the Dagenham Dock site to bring new employment uses and high quality jobs for local people.”
