A community-led campaign to secure the future of Brixton Village and Market Row has reached a major milestone after Buy Back Brixton was named the preferred buyer for the historic south London markets.

The Brixton Traders & Community Association (BTCA) and The Advocacy Academy lead the campaign, which aims to bring the markets into community ownership.

The groups secured preferred-buyer status after competing against major commercial bidders. If they complete the purchase, the deal could create a landmark model for community ownership in London and put a major cultural and economic asset in local hands.

Buy Back Brixton enters crucial next stage

Current owners TPG AG Real Estate Europe and Hondo Enterprises have agreed to sell Brixton Village and Market Row to the BTCA and The Advocacy Academy, subject to the completion of the sale process.

The community groups now have eight weeks to complete due diligence and exchange contracts. They will then have up to four months to raise the remaining funds and complete the legal and governance work needed to finalise the purchase.

Betty Mayo, Head of Community Organising at The Advocacy Academy, said “Buy Back Brixton has achieved something unprecedented…if completed, this would be the largest purchase of an asset for community ownership, and I’m excited about what it could mean for communities across London and the UK.”

Campaign raises millions towards purchase

Buy Back Brixton has secured £6.5 million in pledges from trusts and foundations and raised more than £579,000 through public crowdfunding.

News of the potential sale prompted concerns among traders and residents, who feared a new owner could increase rents and put pressure on independent businesses.

The campaign quickly attracted support across the local community. On June 19, hundreds of traders, residents, young organisers and supporters gathered in Brixton to call for local people to have a say in the markets’ future.

‘Brixton should not be underestimated’

Kat Miles, Founder and Chair of the BTCA, said the preferred-buyer decision demonstrated the strength of the community campaign.

“People thought a community bid could never get this far. Today proves Brixton should not be underestimated. Brixton Village and Market Row is the heart of our community.”

Miles said the markets provide a home for businesses, families and community life, while acknowledging that the campaign still faces significant challenges. The campaign wants to protect independent traders and Brixton’s culture while giving local people a greater voice in decisions about the markets.

Protecting Brixton’s independent businesses

Brixton Village and Market Row have played an important role in Brixton’s social, cultural and economic life.
The markets host independent shops, restaurants, family businesses, food stalls, bookshops and cultural spaces.

For the residents of Brixton it is so much more than just a commercial property; they provide spaces where people work, build businesses and contribute to Brixton’s distinctive identity.

Lambeth Council manages parts of Brixton’s outdoor street market, while private owners control Brixton Village and Market Row.

Community ownership could help protect and ensure that more of the wealth generated by the markets benefits local traders and residents.

Gerald Vanderpuye, a trader at Brixton Market Row, said the markets give small businesses opportunities to grow.

“Every business in this market started small. I have watched traders start with one counter and end up employing people, supplying other businesses and training whoever comes next.”

The Campaign’s next stage

The preferred-buyer decision does not mean the community has completed the purchase.

Saba Shafi, CEO of The Advocacy Academy, said the campaign must now raise the remaining funds, progress the contracts and complete the purchase.

“We need institutions, funders and values-aligned investors willing to move with urgency and help build a landmark model of community ownership.”

The campaign will also develop a democratic governance structure designed to give traders, young people and the wider community a voice in decisions about the future of Brixton Village and Market Row.

Akua Asiedua Asare-Loupalo Bi, Secretary of the BTCA, said the announcement had given traders renewed hope.

“We are not saying the market is bought yet. We know there is more money to raise and more work to do. But this is the first time in this process that traders can look ahead with real hope.”

She added:

“The next step is to turn that hope into ownership.”

Buy Back Brixton now enters a crucial period as the campaign works to raise the remaining funds and complete the legal process.

If successful, the purchase would bring Brixton Village and Market Row into community ownership and could provide a new model for communities seeking greater control over important local assets.

Want to get involved? Visit: https://theadvocacyacademy.com/campaign/buy-back-brixton to find out the ways you can help

Image credit: Photographer – Mark Chilvers

Source: https://buybackbrixton.org/

By Dominique