Elephant and Castle site in Elephant & Castle.
Jane Imrie

Sustainable community market on track with six-figure HSBC backing

A new sustainable community market is set to launch in London after securing backing from HSBC UK.

Mercato Metropolitano is set to progress construction of its new site in Elephant Park after securing a six-figure Coronavirus Business Interruption Loan (CBILS) through the bank.

Founded in 2015 as a pilot project in Milan, Mercato Metropolitano converted 150,000 sq ft of space in a disused railway station into a community space centred around sustainable food and drinks.

Since its launch, the firm has expanded to the UK, opening sites in Elephant & Castle and Mayfair as well as a physical and online deli and groceries service.

The new funding will allow the company to progress its work at Elephant Park, as well as continue with the development of two further locations in Ilford and Berlin.

Amedeo Claris, managing director at Mercato Metropolitano, commented: “Covid-19 has had a catastrophic impact on the restaurant and hospitality industry, transforming many businesses overnight.

“Our solid and innovative business model has allowed the Mercato Metropolitano Group to shrink operations at the beginning of the crisis and restart our inclusive community markets when lockdown restrictions were eased.

“We were also able to continue the development of our next market locations in London and overseas, thanks to the flexible cooperation and support from HSBC.”

Victoria Ritchie, regional director for London City, HSBC UK, added: “Mercato Metropolitano works in partnership with local residents, businesses and charities, giving back to the community with everything from zero waste cooking, education and nutrition workshops, to providing free spaces to local community groups.

“The CBILS loan ensures that they can continue to provide this essential service to even more communities across London and export their business model abroad.”

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