London’s historic Smithfield meat market is at risk of being closed for good at a vote in the City of London.

The City of London Corporation, which owns and operates the site, has previously planned to relocate the market and Billingsgate fish market to a new £1 billion development in Dagenham.

The corporation put the relocation plans on hold earlier this month, but is moving ahead with a private vote on Tuesday afternoon to pull out of running the sites.

Members are being recommended to approve withdrawing from the sites at the Court of Common Council meeting. It is rare for the court to vote against recommendations.

The corporation has said it plans to offer meat traders at the site a significant compensation deal.

The Times has reported that the deal could total more than £300 million.

The corporation is also expected to table a Bill in parliament to absolve it of responsibility for running the market if the vote is in favour.

A market has existed around the site for more than 800 years. The corporation was given the right to run it and other wholesale food markets in 1327.

The current market site was built in 1868, designed by architect Sir Horace Jones.

Billingsgate was also designed in Sir Horace when it was redeveloped in the 19th century.

However, the UK’s largest inland fish market was moved to its current site in Canary Wharf in 1982. The City of London Corporation runs the site and pays ground rent.

There are proposals to transform the land of the current Billingsgate site for a mixed-use housing scheme.

The City of London Corporation has been contacted for comment.