Islington Tribune by WILLIAM McLENNAN
TRADERS at Old Spitalfields Market have seen fees for midweek market stalls double to cover soaring costs faced by their landlord.
Rental rates for pitches doubled at the beginning of July. The day rate has been raised from £10 to £20 – increasing yearly overheads by more than £2,000 for many traders – while the £85 Sunday rate has remained the same.
Landlord Town and Country Markets said the 100 per cent rent hike was necessary to cover a 35 per cent increase in running costs.
Andrew Sparrow, manager at Old Spitalfields Market, said the company had tried to delay the above-inflation rise for as long as possible.
He added: “We advised our traders that midweek fees would need to rise last summer to accommodate these costs. But we managed to absorb costs on their behalf until the autumn.”
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