The two-week closure of Ridley Road's indoor market has been postponed by one week as lease negotiations are under way.

Traders at Ridley Road Shopping Village will have to close for two weeks from August 27 for health and safety reasons as refurbishments begin.

Rainbow Properties, representing private landlord Larochette Real Estate, has drafted an agreement for traders, which would enable them to continue trading after the first fortnight.

Solicitor Bill Parry-Davies, representing traders, said: “Traders have been asking since March for the promised agreements for continuing their businesses during and after the long-awaited refurbishment work. All they received were notices to quit.

“Finally confidential negotiations have started with the existing landlord Larochette which will complete the work."

Traders at the indoor market had been given a notice to quit for last Saturday (August 20) yet had not been told what would happen after that date.

A Rainbow Properties spokesperson said: “Larochette has offered the traders the opportunity to continue to trade during the works. Any agreement they reach after the works are concluded will be directly with London Borough of Hackney, who will be taking a lease of the entire trading area.”

Hackney Gazette: Traders at Ridley Road Shopping Village had been given a Notice to Quit for August 20Traders at Ridley Road Shopping Village had been given a Notice to Quit for August 20 (Image: Archant)

Traders previously voiced concerns about the suggest that their future rent, payable to the council, could be linked to inflation.

Hackney Council told the Gazette it is committed to a five per cent rent increase for the first two years, and that after an increase tracking inflation would be the maximum – but that it will consult with traders.

Cllr Susan Fajana-Thomas (Lab), cabinet member for community safety and regulatory services, said: “I am reiterating the offer that, once the lease with the council is agreed after the refurbishment is complete, all traders will be guaranteed a similar-sized space in the refurbished indoor market under the council’s ownership.”

Dalston ward Cllr Grace Adebayo (Lab) said: “I have called for the council to provide dedicated support for the traders to help sort out any problems and to make sure everything runs smoothly over the coming months.”

Dalston ward (Green) councillor Zoë Garbett said: “Traders are still in the dark on a number of issues including terms and conditions for their longer-term agreement when the council becomes responsible for the ground floor, post refurbishment.”