Brixton Market Saved From Private Equity Firms – for Now

A historic British market has won a reprieve after fears it would fall into the hands of private equity firms. 

After almost 40,000 people signed the ‘Buy Back Brixton’ petition, Green-run Lambeth council has designated Brixton Village Market and its historic Market Row as Assets of Community Value (ACV).  

The ACV status does not prohibit a sale long-term, but gives local traders a window of around six months to try and generate a viable bid to take the market into community ownership. So far more than £550,000 has been crowdfunded for a bid. 

Brixton Market dates back to the 1870s and was a social and economic hub for the Windrush generation. It hosts more than 100 vendors representing more than 50 countries.   

It was purchased in 2018 by global investment firm TPG Angelo Gordon and property management company Hondo Enterprises.

They put it up for sale last year, with reports suggesting it had been pitched to unnamed private equity firms for as much as £50m as part of a plan to boost profits by evicting lower-paying tenants. 

Tenants have raised fears that the new plans will lead to gentrification and a loss of cultural identity – or may even see the market scrapped altogether. 

Earlier this year, after the original six-month consultation window was scrapped without warning, the Brixton Traders and Community Association launched a ‘Buy Back Brixton’ counter-bid, with support from the Advocacy Academy.

The application to make the market an ACV was lodged by the Stour Trust, a community-led organisation which works to increase the number of Black and minority-owned buildings and assets.

ACVs allow communities to bid on buildings or land if their main use is, or recently was, to further the social wellbeing or interests of the local community. Examples of ACVs include community and children’s centres, allotments, libraries and pubs. 

Green party councillor Martin Abrams, leader of Lambeth Council, said: “This is a big step forward for the campaign for community ownership, which aims to safeguard Brixton’s heritage, and I am pleased the council has swiftly taken this important step.”