BUSINESS - Traders vow to fight Upper Street sell-off

By Elena Egawhary

TRADERS on Upper Street whose shops are being sold by Islington Council have vowed to fight against the decision.

The parade of independent shops which runs between Islington Fire Station and Cross Street are just some of the 247 properties included in a portfolio about to be sold to a property developer for £45 million.

In a process that has been described by many of the Upper Street shop owners as unneccesarily complicated, traders have been given the option of buying their property from the council if they can match the price offered by the developer.

But, owners can only bid for their property based on an estimated value, and so do not know how much to offer to match the developer. Traders must also provide evidence of their financial standing if they wish to be successful in their bid.

Jason Delf, owner of the Chest of Drawers furniture shop in the parade, said: "We welcome the fact that the council has decided not to have sealed bids, but we really feel they should be doing more to ensure that the process is transparent and clear and not open to corruption.

"Evidence of our financial standing will go to the council as well as the company they have contracted to manage the site. We simply feel that this process cannot guarantee that our financial details will remain confidential from a future developer."

Traders believe that if they are not able to buy they will be forced out by a new landlord, and independent shops will be replaced by more profitable and financially reliable stores.

Mr Delf said: "One doesn't have to be a genius to work out that a developer is most interested in profit. The reality is that there is huge pressure to increase the rent and that chains such as Starbucks provide a better return and security then independent businesses like ours."

Danny Williams, of The Salvation Army charity shop, said: "It's sad that this is happening. there's a real community spirit amongst the shops here."

Many of the independent shops have been trading for over 20 years on Upper Street and have developed a loyal customer base.

Ben McManus, joint owner of Diverse Hair, said: "We're making our customers aware of the implications of the council's decision, and asking them to write to their councillor. We're in the lap of the gods at the moment.

"The council have got us over a barrel," he added. "The sale of these shops will affect a huge number of people and they should be informed of what is happening."

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