‘Secret’ £600m proposal to save iconic London markets from closure after City pulls support for £1bn relocation plan

A “secret” bid to save London’s historic Smithfield and Billingsgate markets from closure and rebuild them in Dagenham is being backed with hundreds of millions of pounds of private investment, GB News can reveal.

It emerged last month that the two historic food markets are set to close after 800 years of trade after a £1billion relocation plan was dropped by the City of London.

The City of London Corporation, which owns and operates the centuries-old markets, rejected plans to move it to Dagenham, East London, raising concerns about the impact on food security.

However the plans could now be revived after a group of private investors got in touch with supporters of the markets continuing to trade on the Corporation’s ruling body.

It would potentially see the Smithfield meat market, the Billingsgate fish market and the Covent Garden flower market located on one site in a plan already dubbed “London’s larder”.

James Tumbridge, a Corporation member who voted against the closure, told today’s Chopper’s Political Podcast that the group has already raised £300m of the necessary £600m to make the plan work.

He said: “A group of business people approached myself and a few other councillors and said ‘we think it’s a tragic loss. We think there are issues of food security. We think it’s important that these markets are available for Londoners. Could we potentially step in?’

“So we’ve said, ‘well, yes, if you can find the funding and the solution’. They’ve got a number of backers.”

The business group trying to save the markets are looking at efficient ways to generate power for the site.

He said: “If we’re willing to be adaptable and flexible, then I think they’re going to step in and make an offer to build the market.

“I suspect that the way it would work is that the corporation that’s got the land would rent them the land to build the market, would work with them to oversee and run it properly.”

He added that the business group needed to raise £600m and “they’re a little over halfway there. So they’re looking for a few more funders to finalise this proposal, which they can then bring to the corporation”.

The Corporation of London has been approached for comment.

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