Stratford Market Village saved from closure

Market traders celebrated the decision on Tuesday

An east London council has taken on the lease of a local market after the company that runs the site went into administration.

Some 60 traders at the Market Village in Stratford Centre had to close when the market shut on 10 January.

Newham Council made the decision to enter into a 15-year lease at a meeting on Tuesday.

Angie and Ali Akbas, owners of a cafe at the market, said: "We are absolutely ecstatic about the market reopening."

The council had previously said it would not be "prudent or fair" to residents to take on the cost of running the market.

But the authority had since decided to move £700,000 from Newham's existing allocation from the Greater London Authority's Good Growth Fund to take on the lease, a spokesperson said.

"We have been advocating and negotiating to find a resolution that would enable the 60 traders whose livelihoods were snatched away overnight to trade again in this unique market that has brought so much to the Stratford economy and diverse communities over the years," the spokesperson said.

"This funding will substantially underwrite the council's risks for the first year of a 15-year lease that Unex have now offered, with a break clause after one year."

As part of the agreement, the council will be able to operate the market itself or assign the lease to another market operator.

• Stratford market traders face 'uncertain' future

• Traders 'shocked' after being shut out of market

Since the market suddenly closed, discussions have been under way between traders, the council and Unex, landlords of Stratford Market Properties Ltd, to find a way of reopening it "as quickly as possible".

Samantha Scott, owner of GT Spice Caribbean Takeaway in Stratford Market Village, said: "I have no words to explain how overwhelmed and relieved that someone took us seriously and we can hopefully reopen soon."

Angie and Ali Akbas, owners of Centre Café, added: "It means so much to regain our business of over 20 years back and be able to connect with our customers which we have missed over the past three stressful months."

The council said it would work to reopen Stratford Market Village as soon as possible.

Additional reporting by Sania Qaisar.

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