Closure of Smithfield meat market could cause “unintended problems”
28th November 2024
The decision to close Smithfield meat market could make it more expensive and less efficient to supply meat to London SMEs.
London’s iconic 850-year-old Smithfield meat market is set to close from 2028 after the City of London Corporation voted to withdraw support for it.
The British Meat Processors Association (BMPA) warned that it could become more expensive and less efficient to supply meat to small and medium businesses in London.
BMPA added that the move will fragment and replicate operations that should remain centralised.
There is a suggestion that a legal challenge can be brought against the decision, as a court-demanded study into the importance of the markets to London’s food supply has not been carried out.
The Billingsgate fish market will also close permanently from 2028.
The Corporation has said it will provide traders with financial support and help them identify new sites.
Rich history
Smithfield is the largest wholesale meat market in the UK and one of the largest in Europe. It’s housed in two Grade II listed buildings. There has been a livestock market on the site for over 800 years.
Billingsgate, meanwhile, is the UK’s largest inland fish market, with an average of 25,000 tonnes of fish and fish products sold through its merchants each year.
Served by every port in the UK, the market complex covers 13 acres.
Initially, there were plans to move both markets, plus New Spitalfields in Leyton, to Dagenham Dock, but this has been dropped over cost concerns.
The Corporation submitted a Private Bill to parliament on 27th November to end its legal responsibility to run the markets.
Disappointing news
The Corporations’s policy chairman, Chris Hayward, said:
“This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers traders to build a sustainable future in premises that align with their long-term business goals.
“By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently.
“We’ve worked closely with the traders and thank them for their input and understanding.
“We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.”
Dominic Twomey, leader of Barking and Dagenham Council, said the news was “disappointing” but acknowledged the impact of soaring inflation on investment projects.
Read more livestock news.
