Traders at Ridley Road Market in Hackney have applied for the indoor Shopping Village to be formally recognised as a community asset, as their peaceful occupation of the building enters its sixth month. The move is backed by City Hall, and comes after the landlord, Guy Ziser, attempted to close the market on March 31 by refusing to renew leases.
Occupation and legal bid
Thirteen businesses have maintained a “peaceful occupation” of the building, physically blocking the shutters from closing, even after the landlord cut off the lights. The traders have now submitted a bid for the site to be listed as an Asset of Community Value (ACV), which would require council planners to consider its social and community value in future planning applications.
The building is legally owned by offshore company Larochette Real Estate, managed by UK-based Rainbow Properties Ltd. Larochette’s director, Guy Ziser, claims the closure was for “community safety reasons” following a Metropolitan Police warning about concerns over “drug use, drug supply, a series of violent offences and antisocial behaviour”. The site was raided by police for drug and knife possession over three years ago, and several men were arrested.
However, the Met denies recommending the building’s closure, stating their warning over antisocial behaviour and crime was “the lowest form of enforcement”.
A decade of distrust
The standoff is rooted in years of wrangling since Larochette purchased the building for £6.5 million in 2016 and made several attempts to force traders to leave, triggering grassroots campaigning against what many supporters see as gentrification. Larochette tried unsuccessfully to demolish the building and convert it into 10 luxury flats with offices and shops on the ground floor, sparking the ‘Save Ridley Road’ campaign, which included the now Mayor of Hackney, Zoë Garbett.
After a local solicitor negotiated new three-year leases for the traders in 2019, Hackney Council listed the building as an ACV. But around 60 artists were evicted from their studios on the upper floors in 2021. The landlord submitted plans in late 2024 to transform the upstairs into eight new residences, which the council refused.
The Save Ridley Road campaign hailed a “huge victory” in 2022 when the council agreed to a 15-year takeover of the lease, on the proviso that a refurbishment was completed. Yet that deal has now expired, with the revamp unfinished despite Larochette’s legally-binding agreement to complete the works.
Ridley Road’s ‘beating heart’
The ACV status lapsed in 2024, but the current dispute has prompted efforts to relist the building. Several businesses have established the new Ridley Road Shopping Village Traders Association. Peter Dissi, record shop owner and the association’s chair, called the indoor market the “beating heart of Ridley Road”.
“In addition to goods that are being sold, the Village acts as a hub for people to meet. It’s a place where people come for general advice on all sorts of things related to health, well-being, and Black culture,” Dissi said. “In many ways, it serves as a counselling spot as well, where people come and talk about their problems and share support. We get information from the public, especially the elderly, as to the sorts of things they had seen there before that they would like us to bring back into the community.”
The businesses and the supporting Save Ridley Road campaign’s initiative to restore the ACV listing has been backed by City Hall. Deputy Mayor for Business Howard Dawber said the Shopping Village was a “crucial piece of local economic and social infrastructure”. The Local Democracy Reporting Service (LDRS) contacted Larochette’s managing agent, Rainbow Properties, for comment.
