A pair of historic wholesale meat and fish markets in London will permanently close in the coming years.
The Smithfield Market and Billingsgate Market will remain open for meat and fish sales, respectively, until "at least 2028" but will ultimately close their doors, the City of London Corporation said.
The closure of the two markets was precipitated by the City of London Corporation deciding to "end its interest in co-locating" them to a new site at Dagenham Dock.
The City of London Corporation also said it would on Wednesday seek the "ending of the City Corporation’s responsibilities to operate a market at these sites" via a bill in Parliament.
STUART VARNEY: LONDON GOT IT RIGHT WHILE NYC REMAINS MIRED IN ‘CRISIS'
Both of the markets have a long history in London.
Smithfield traces its origins to the medieval era, BBC News reported. The current market has been around for over 140 years, according to its website.
Billingsgate has a similar storied past, first trading in 1327.
The City of London Corporation has agreed to give "financial support" to meat and fish sellers who work out of the Smithfield and Billingsgate markets to "help them relocate to new premises."
The yearslong timeline for the wind-down of operations at Smithfield and Billingsgate was meant to give "ample time for planning and collaboration on next steps," according to the corporation.
High project costs led the City of London Corporation to seek to end the Smithfield and Billingsgate operations. They were exacerbated by inflation and construction costs, among other factors, it said.
In October, the consumer price index in the U.K. posted a 0.6% month-over-month increase and a 2.3% year-over-year jump, according to the Office for National Statistics.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"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," said Chris Hayward, policy chairman of the City of London Corporation. "By stepping back from direct market operations, we will help create opportunities for these businesses to thrive independently."
Both of the markets see massive amounts of products traded through them in a given year.
Sellers in Billingsgate Market — billed as the largest inland fish market in the U.K. — average some 25,000 tonnes of fish and fish products on a yearly basis, according to the City of London website. Meanwhile, Smithfield averages sales of more than 100,000 tonnes of products.
CLICK HERE TO READ MORE ON FOX BUSINESS
New Spitalfields Market, another market in London focused on fruits and vegetables, will not close as part of the City of London Corporation’s move, according to the press release.
