Key facts
- Traders at Brixton market are in a bid to buy the site for community ownership, competing against private equity firms.
- The campaign, 'Buy Back Brixton', aims to preserve the market's cultural diversity and prevent displacement of independent businesses.
- The market is listed for £50m, and the traders have raised £565,000 through crowdfunding and secured charity investments.
- The market has a strong African-Caribbean presence and is home to vendors from over 50 countries.
- Local MP Helen Hayes and council leader Martin Abrams support the community bid.
- Lambeth council has designated the market as an asset of community value.
Traders at Brixton market are engaged in a fight to prevent the sale of their site to a private equity firm, fearing it will lead to displacement of long-standing independent businesses and increased gentrification. The 'Buy Back Brixton' campaign has submitted a bid to purchase Brixton Village and Market Row for community ownership, competing against multinational companies.
The market, known for its diversity with vendors from over 50 countries and a significant African-Caribbean presence, is facing rising rents and service charges. Traders express concern that a profit-driven owner would exacerbate these issues, potentially erasing the market's cultural legacy and resistance history.
The campaign has garnered significant community support, including a rally and backing from local MP Helen Hayes and Lambeth council leader Martin Abrams. The council has also designated the market as an asset of community value, providing additional protections. The traders have raised £565,000 through an online fundraiser and secured investments from charities to support their bid, which is reportedly in the second stage of a bidding process.
Previous plans by the current owner, Taylor McWilliams, to redevelop the market with a 20-storey office block were withdrawn in 2023 following community backlash. The site was subsequently put up for sale for £80m, but interest was reportedly low until numerous parties, including private equity firms, emerged in June, prompting the traders' emergency buyout initiative.
Traders cite examples like Camden Market and Old Spitalfields Market, which have faced criticism for corporate gentrification under new ownership, as cautionary tales. They emphasize the market's value as more than just a commercial space, highlighting its cultural significance and the desire to secure its future for the next generation.