London’s first sustainable and inclusive community market operator has secured a six-figure Coronavirus Business Interruption Loan through HSBC UK as well as other facilities.
Mercato Metropolitano, founded in 2015 as a pilot project in Milan, has worked with HSBC UK to keep the company’s markets operating, progress construction of a new site in Elephant Park and continue with the development of two further locations in Ilford and Berlin during the UK lockdown.
Mercato Metropolitano first regenerated 150,000sq ft of disused railway station into a community space centred around sustainable food and drinks five years ago. Since then, it has opened sites in Elephant and Castle and Mayfair, which provide essential hubs for the local community. In addition, a physical and online deli/grocery allows customers to purchase fresh, artisanal and sustainably sourced food and drinks.
Covid-19 forced Mercato Metropolitano to immediately close its London markets, drastically reducing its turnover. The funding package from HSBC UK allowed the business to continue its physical and online grocery stores and events, delivering food to customers across London, as well as enabling it to progress with its ambitious expansion plans.
Amedeo Claris, Managing Director at Mercato Metropolitano, said: “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. The support received from HSBC has allowed us to continue to operate our physical and online grocery stores throughout the pandemic with minimal disruption, therefore providing an essential delivery service across London when other operators were closed. 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.”