Traders at Smithfield Market have agreed to relocate to a new site, easing fears of permanent closure after the City of London’s recent decisions.
London: Traders at Smithfield Market are breathing a sigh of relief. They’ve come together to plan a move to a new site after worries about the market closing for good.
The historic meat market will shift to a new location within the M25 when the current site closes in 2028. This was announced in a joint statement from the traders and the City of London.
There were some serious concerns about the future of both Smithfield and Billingsgate fish market after the City of London Corporation decided to pull support for their current spots last month.
But on Monday, the Corporation and the Smithfield Market Tenants’ Association (SMTA) promised to create a ‘New Smithfield’ where butchers can grow and modernize their businesses.
Chris Hayward, the Policy Chairman for the City of London Corporation, said this move shows their commitment to helping traders thrive for many years to come.
He mentioned that right now, there’s no room for traders to expand, and this collaboration is the best outcome for everyone involved.
They’re also looking to transform the area into a cultural hotspot, adding housing, creating jobs, and boosting the economy, which is a big priority for the government.
The SMTA has worked out a compensation deal with the Corporation to help with the move, and about 70% of traders are on board with relocating.
A spokesperson for the SMTA said they’re excited that 70% of them plan to move together to a new facility within the M25.
They also confirmed that all current businesses will transition to the new market, and those who don’t want to relocate will pass their trade to other Smithfield traders, so the supply chain will stay intact.
This new facility will allow traders to expand and modernize, supporting the future of meat trading.
Creating a ‘New Smithfield’ will ensure that the meat flowing through the current site continues to serve London and the South-East.
Last month, the Corporation hit pause on plans to move Billingsgate fish market to Dagenham, saying they’re working with traders to find a better location.
The London Fish Merchants’ Association mentioned that around 90% of businesses at the fish market are ready to move to a new site.
They’re focused on finding a location where the Corporation won’t be the landlord, allowing businesses to expand.
They also noted that the market will keep trading from the current site for at least the next three to four years.
Interestingly, a market has been around the Smithfield site for at least 850 years, with the Corporation getting the right to run it back in 1327.
The current market building was constructed in 1868, designed by architect Sir Horace Jones, and has been evolving ever since.