Following the decision that Smithfield Market will be closing for good the Smithfield Market Tenants’ Association (SMTA) and the City of London Corporation have released joint statements marking progress in finding new sites for traders.
The SMTA joint statement with the City of London Corporation highlights that the majority of traders intend to move to a site inside the M25, with traders who are not moving transferring their business to other traders, potentially ensuring that 100% of trade continues and there is no impact to the supply chain. Smithfield Market will remain open and operating as normal until at least 2028.
Separately, the LFMA has confirmed that 90% of Billingsgate traders have indicated that they will continue trading when operations cease at the current site.
Chris Hayward, City of London Corporation policy chairman, said: “The progres 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.”
Joint statement from SMTA/City of London Corporation
“The City of London Corporation and the Smithfield Market Tenants’ Association (SMTA) - run by and for the Traders - have been working together for some time now on the future of wholesale meat provision to London and the South-East.
“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.
“For our part, we at the SMTA have confirmed that 70% of us intend to come together to collectively move to a new facility within the M25. We have also confirmed that all the current business will transfer to the new market any businesses who do not wish to re-locate will transfer their trade to other Smithfield Traders. The supply chain will therefore not be impacted by the move.
“The new facility will enable this critical mass of traders to expand and modernise our businesses, as well as support the meat traders of the future. The creation of a ‘New Smithfield’ will also ensure that the meat which passes through the current market site will continue to serve London and the South-East.
“The timing of the construction of the new facility dovetails with the SMTA’s move from Smithfield in 2028/9, and there will therefore be minimal disruption to our supply chains during the transition period.
“For our part, the City Corporation will continue to work proactively with the SMTA to support a smooth transition.”
