Like so many across Newham and more widely, we were shocked by the sudden news on 10 January that Stratford Market Properties Ltd had gone into administration and closed Stratford Market Village on the same day that the affected traders were notified.
Stratford Market Village has for decades been a vibrant landmark of the Stratford community and economy, and an attraction for people from across our borough and beyond. It exemplifies the multicultural and entrepreneurial spirit so distinctive of our communities, that enrich our lives on all levels.
We have met the traders several times since they received the terrible news and have worked with them and colleagues to offer all the support that the council can to try to find solutions to their terrible unforeseen situation.
Together, we have tried to persuade Unex, landlords of Stratford Market Properties Ltd, to find a way of getting the market re-opened as quickly as possible to enable the traders to do what they do best – run their businesses for the benefit of their customers, employees, families and our communities, and by doing so be able to pay their rent and thereby assure their landlord’s return on investment.
Unex have now made it clear that they are not willing to find a solution that achieves this. We are deeply disappointed by their position.
Unex has not simply asked the Council for a reference, it has suggested that the council take over the lease and run the market or act as financial guarantors for others who might do so. The council is simply not in a position to do this – and we have made this clear to Unex for some time. In the current extremely challenging financial climate for local authorities, in which we are already having to make tough choices to maintain our essential services and protect our most vulnerable residents, we cannot increase the council’s financial exposure in this way. It would not be prudent or fair to all our residents to do so.
Now that Stratford Market Properties Ltd has gone into liquidation, and their lease has been disclaimed, the property will revert to Unex, it is in Unex’s gift to make short-term arrangements to enable Stratford Market Village to re-open, while they find a market-management company to take over the lease or work with the traders to develop their own company to do this. The council remains willing to do all it can to provide reasonable practical assistance to help them work through such an arrangement.
We call on Unex not to give up on Stratford Market Village and the sixty businesses that have made it such a thriving contribution to our borough for decades.