Iconic UK market faces closure after 150 years as greedy landlords serve eviction notices

An iconic east London market that has served the community for more than 150 years is facing closure after traders were handed fresh notices to leave the building. Shopkeepers inside Ridley Road Shopping Village in Hackney say they feel they are being pushed out by landlords who plan to redevelop the site.

The indoor market, which sits alongside the famous Ridley Road street market, has been operating since the 1880s and is seen as a hub for independent traders and Afro-Caribbean businesses. However, the building's owner, offshore firm Larochette, has told traders their leases will not be renewed and the market must close.

As reported by Metro, some stallholders say they are exhausted after years of uncertainty over the future of the site.

Trader Asli Uygur, who has run a business there for nine years, said: "We are so used to it at this point but exhausted fighting.

"It feels like we are being punished, but I am a good tenant. It's clear they just want everyone out."

Larochette bought the building for £6.5 million in 2016 and later applied to Hackney Council to turn it into luxury flats. While Hackney Council owns and manages the outdoor Ridley Road Market, the indoor shopping village remains privately owned. Campaigners say the market is an important community space with affordable food and goods that are difficult to find in supermarkets.

After earlier eviction threats, Hackney Council agreed in 2022 to take over the lease once refurbishment work had been completed. But four years later, the redevelopment has still not been finished, and the landlord remains in control of the building.

In a letter seen by Metro, solicitors acting for Larochette claimed the Metropolitan Police had raised concerns about crime and anti-social behaviour around the indoor market.

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However, the Metropolitan Police said they had not advised the closure of the building and confirmed the decision had been taken independently by the owner.

Councillor Zoe Garbett criticised the landlord's actions.

She said: "Larochette has misrepresented the police's position who have not requested the closure of the building."

Rainbow Properties, which works with Larochette, said traders had not been evicted but that their leases were expiring and would not be renewed.

The firm said the market was being closed for safety reasons while security and management arrangements are reviewed, adding it hopes the site can reopen as "a safe, hospitable trading environment for the people of Hackney."