Smithfield and Billingsgate markets might not permanently close after all – everything we know so far about ‘New Smithfield’

What’s going on with the historic Billingsgate and Smithfield markets? In a surprising turn of events, the world-famous meat and fish markets might not actually be closing down for good. Phew. 

The City of London Corporation voted to withdraw its support for the 850-year-old markets in November 2024, meaning they would have to shut forever by 2028. You can read the full story about how it got to that point here. But could there be a new future for the meat and fish traders of Smithfield and Billingsgate?

RECOMMENDED: These photographs capture the fading world of Smithfield’s midnight meat market.

The City of London and Smithfield traders have come to an agreement for the market to move to a ‘New Smithfield’ which will be ‘within the M25’. Traders will move after the historic market in Farringdon closes in 2028. The agreement brokered by the Corporation and the the Smithfield Market Tenants’ Association (SMTA) promised to create a new market where butchers can ‘expand and modernise our businesses, as well as support the meat traders of the future’. 

The joint statement said: ‘The creation of a “New Smithfield” will also ensure that the meat which passes through the current market site will continue to serve London and the South East’. 

SMTA said that 70 percent of its members had agreed to move to a new site, although the location hasn’t been secured yet. 

As for Billingsgate fish market, London Fish Merchants Association (LMFA) confirmed that 90 percent of Billingsgate traders have said they will continue trading when the market in Docklands closes. LMFA said that they were looking for a new site where the London Corporation wasn’t the landlord and they could continue to expand business. 

Both groups of traders will receive compensation from the City of London that will help with the move to new trading sites. 

When the markets are gone, the Smithfield site will be redeveloped into the new London Museum, while Billingsgate will be turned into housing. 

Here are the best markets in London. 

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