Smithfield Market Traders and City of London Agree on Relocation Plan

An agreement has been reached between the City of London and Smithfield traders regarding the relocation of the market to a different site “within the M25” upon the closure of its current premises. This consensus follows earlier apprehensions that the long-standing Smithfield meat market and Billingsgate fish market might cease operations after the City of London Corporation’s decision to discontinue its backing. Both the traders and City officials have now committed to establishing a “New Smithfield” market. A joint statement was released on Monday by the Corporation and the Smithfield Market Tenants’ Association (SMTA), committing to develop a new facility that will enable meat traders “to expand and modernise our businesses, as well as support the meat traders of the future”. According to the statement, “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 statement further noted: “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.” It added, “For our part, the City Corporation will continue to work proactively with the SMTA to support a smooth transition.” The SMTA reported that 70% of its members plan to relocate to the new premises, and “any businesses who do not wish to re-locate will transfer their trade to other Smithfield traders”. Smithfield, which was initially situated just beyond the medieval city walls, has operated as a market since at least the 12th Century. It holds the distinction of being the UK’s largest wholesale meat market and ranks among the biggest in Europe. In a separate development, the London Fish Merchants Association verified that 90% of Billingsgate traders have expressed their intention to continue operations once trading concludes at their present Docklands location. Chris Hayward, who serves as the City of London Corporation’s policy chairman, stated that Smithfield lacked the necessary space for traders to expand, and the corporation aimed to establish “a new cultural destination” while simultaneously providing more housing on the premises. The joint statement indicates that both involved parties have consented to a compensation package designed to offer financial assistance to traders for their relocation to new sites. In 2022, the corporation had announced the relocation of both historic markets and their traders to Dagenham as part of a “major regeneration programme.” However, a document prepared for a finance committee meeting on 12 November verified the “cessation” of the Dagenham proposal. Smithfield is now slated to accommodate new cultural and commercial ventures, including the London Museum, while the land currently used by Billingsgate in Poplar is anticipated for new residential developments. The statement issued on Monday specified that collaborative efforts between the corporation and the traders’ association will involve pinpointing potential new locations for the traders, particularly where the corporation does not serve as the landlord and where businesses have room for expansion.