After more than 850 years of trading, Billingsgate and Smithfield Markets were facing closure
In 2022 it was announced that Billingsgate and Smithfield, two of London’s oldest markets, for fish and meat respectively, would be leaving the city centre and moving further east to a £1 billion, 42-acre development in Dagenham. The Smithfield complex has already been undergoing redevelopment – the Museum of London is opening in the formerly derelict General Market in 2026, with further spaces coming to the Poultry Market in 2028.
However, due to a rise in project costs, the City of London Corporation voted in November 2024 to halt the relocation and sought to absolve itself from the responsibility of running both markets, meaning they would be facing permanent closure from 2028. Billingsgate, the largest inland fish market in the UK, has been operating from its Docklands site since the early 80s after it relocated from a Victorian building in the City, where it had been trading since 1327. Smithfield, the largest wholesale meat market in the UK, has been running in Farringdon for almost 900 years.
Now it looks like the historic markets do have a future as they’re now set to relocate to the Royal Docks in Newham in 2028. The proposed new site of Albert Island, close to City airport, has been agreed by market traders, the Corporation and the Greater London Authority, and will keep the market within the M25. As well as the markets, which would be known as New Billingsgate and New Smithfield, the development would also include a new food school.
Planning permission is still needed from Newham Borough Council, and the Corporation’s decision to close the markets’ existing sites still needs parliamentary approval, but the move is expected to bring over 2,200 jobs to the area and boost the local economy by £130 million.
Speaking about the new site, Greg Lawrence, Chairman of Smithfield Markets Traders’ Association, said: “Identifying a preferred new site marks a significant step forward — and we’re well ahead of where we thought we’d be by Christmas. This location offers Traders the space and opportunity to grow our businesses while continuing to serve customers across London and the South East.”
Tony Lyons, Chairman of London Fish Markets’ Association, echoed those sentiments, saying: “Finding a site just a few miles away means we’ll still serve our customers while vastly improving both our working environment and ability to expand.
“Although there’s more work ahead of us to design a new, modern market, we’ll be staying open for business where we are for several more years. Identifying a new location means we can hopefully put people’s minds at rest that we – and the City of London Corporation – are doing exactly what we said we’d do; find a new home inside the M25 and create a vibrant future for these historic markets.”
