Council Cabinet will meet on 2nd April 2024 to discuss a solution to the crisis

Newham Council has come up with a rescue plan for Stratford Market Village which may lead to the early reopening of this iconic shopping district.

The Market Village, a trading space next to the Stratford Centre, was shut down without warning in January and businesses were evicted overnight from their shops.

Now Council talks with Unex, the property landlords, and with the Greater London Authority have opened up the possibility of a rescue plan.

In a statement issued on 27th March the Council said the Cabinet will meet on 2 April to discuss a solution to the crisis which has threatened 100 local jobs and 60 businesses.

The key to the plan is the reassignment of £700,000 funding from the GLA which can be used to underwrite the cost of reopening the Market Village on a special 15-year lease.

The funding comes from Newham’s existing allocation from the GLA Good Growth Fund which is no longer required and would normally be paid back to City Hall. This money will now be used to substantially underwrite the Council’s risks.

This means the cost of reopening the Market Village will not add to the financial crisis facing Newham, which last month led to a cost-cutting budget that has forced the Council to ring fence protection for essential services.

Samantha Scott, owner of GT Spice Caribbean Takeaway and in the forefront of the fight to save the Market Village said: “I have no words to explain how overwhelmed and relieved that someone took us seriously and we can hopefully reopen soon. We are so glad to be back.”

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