Fears stalls at British market open since 1914 'will be gone in MONTHS' under council plans

Traders have raised particular concerns about costs and losing the essence of the market as developers plan to build 40 flats as part of a nine-storey complex, and new shops.

The scheme, approved in late 2023, promises to revamp sections of the market space itself, leaving many traders worried about being ushered out.

Stallholder Bobby Singhy told The Sun: "The market is wonderful, great characters, always here to help one another. There’s a lot of growth and potential in this area. My stall has been here for 55 years, my grandad, then my dad, then me."

Sue French, 60, who has worked at Ellis’s Pet Store for 43 years, pointed to the nearby Westfield shopping centre, which opened in 2008, as being the death knell for the market.

She said: "The market has changed a lot over the years...this used to be busy but when they made Westfield that killed us."

Meanwhile, Joanna Lee, 58, a local resident to the area, said that too much is being lost to development, adding: "They can’t build over this, you can’t take away this market...I believe we’re witnessing the death of the market."

LATEST DEVELOPMENTS:

• Historic Smithfield and Billingsgate markets set to close after City pulls support for £1bn relocation plan
• 'Secret' £600m proposal to save iconic London markets from closure after City pulls support for £1bn relocation plan
• Bank branch closures warning: NatWest to shut down multiple sites next week - full list here

Yoo Capital’s £5million proposal to regenerate the area includes a housing development on the Old Laundry Site land opposite the market.

Under the proposals struck with the council, new homes and shops would be built at one end, and there would be investment in the rest of the market space.

One stallholder said: "The market is very quiet, in the old days, weekends were packed, but now it doesn’t matter...Yoo Capital said they won’t gentrify and will regenerate it instead...I’m not worried as long as it’s not gentrified."

Paul Bardini, 69, whose grandfather first worked in the market in 1919, saw the benefits of the development, saying: "The investment could give the market a face-lift and bring in new customers."

A spokesman for Yoo Capital said: "Our commitment to the Market remains as strong as when we acquired the site in 2020.

"Following the granting of full planning permission at the end of 2024, we have been hard at work, formulating the most cohesive plan for construction.

"This allows us to not only look forward to the best final result, where traders can enjoy an upgraded market that better supports their needs, but also considers the effect of construction, minimising disruption to trade and ensuring the Market remains open throughout, as it has done for the past 111 years."

Louise Page-Jennings, a spokeswoman for Yoo Capital, added: "We are carefully curating the Market and will introduce new tenants through the Market Academy during the construction process."