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Get your free copyStallholders invested thousands of pounds each to set up a stand at the Olympia Market in Leyton, on the assurance that 40,000 people would pass through it daily during the Olympics.
But footfall was much lower and the market will not reopen for the Paralympics, which was the original plan.
Traders are now looking to Waltham Forest Council and Skateco, one of the contractors which set up the market, for refunds.
Tsitsi Makoni, who ran a food stall at the market and lost £5,000, told the BBC, “Right now I’m just heartbroken. I really feel cheated and robbed and I just want answers as to why we were sold a lie.
“We were told as Londoners that this was the greatest opportunity and that everyone was going to benefit,” she added.
Stallholders at Greenwich Market and in central London have also lost money because of people being able to leave the Olympic park quickly and easily.
Brian Jokat, director of Skateco, commented, “The council has told us and other local businesses that in excess of 30,000 people could realistically be expected on some games days.
“All of this would have generated significant passing trade for the market and its stalls but, sadly, none of it has been delivered in reality,” he said.
A council spokeswoman added, “The council strongly denies making any misleading statements to Skateco, which won the ability to locate, organise, manage and run the event, receiving its income through their contracts with stallholders.”