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Two historic wholesale meat and fish markets in London will close permanently over the next few years.
Smithfield Market and Billingsgate Market will each continue to sell meat and fish until “at least 2028”, but will eventually close, the City of London Corporation said.
The closure of the two markets was prompted by the City of London’s decision to “terminate its interest in co-locating” these markets in a new location at Dagenham Pier.
The City of London Corporation also announced on Wednesday that it would seek “an end to the City Corporation’s responsibility to operate markets in these locations” through a bill in Parliament.
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Both markets have a long history in London.
A cyclist passes through Smithfield Market on February 13, 2023 in London. (Karl Cote/Getty Images/Getty Images)
Smithfield’s origins date back to the Middle Ages, BBC News reported. The current market has been around for more than 140 years, according to the website.
Billingsgate has a similar story, first trading in 1327.
The City of London Corporation has agreed to give meat and fish sellers working at Smithfield and Billingsgate markets “financial support” to “assist them in relocating to new premises”.
The company said the multi-year timeline for winding down Smithfield and Billingsgate was designed to give it “ample time to plan and collaborate on next steps.”
Looking out over the River Thames in London. (license/image)
High project costs led the City of London Corporation to try to cease operations at Smithfield and Billingsgate. The situation was exacerbated by inflation and construction costs, among other things, the report said.
According to the Office for National Statistics, the UK consumer price index rose 0.6% month-on-month in October and 2.3% year-on-year.
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Chris Hayward, Policy Chair at the City of London Corporation, said: “This decision is a great opportunity for Smithfield to help traders build a sustainable future on site that aligns with their long-term business objectives. “This represents a positive new chapter for the market and Billingsgate Market.” “By withdrawing from direct market operations, we help create opportunities for these companies to thrive independently.”
Both markets trade a large amount of goods each year.
Sea bass is on sale at London’s Billingsgate Fish Market. (Scott Barber/Getty Images/Getty Images)
Billingsgate Market, the UK’s largest inland fish market, sells an average of around 25,000 tonnes of fish and seafood products a year, according to the City of London’s website. Smithfield, on the other hand, sells an average of more than 100,000 tons of product.
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New Spitalfields Market, another fruit and vegetable-focused market in London, will not close as part of the City of London’s move, according to a press release.
