Legal milestone for Olympic site

Some small firms said they cannot afford the cost of relocation

The London Development Agency (LDA) has assumed legal ownership of the Olympic Games site in east London.

The agency can now enforce compulsory purchase orders (CPOs) on the remaining businesses which have yet to relocate from the site in Stratford.

Most of the 193 traders, which are required to move away by the end of the year, have already found new premises.

The LDA has said a small number of businesses may shut down because they cannot afford the cost of relocation.

The agency has been negotiating with businesses about land acquisition since London was awarded the Games.

The LDA has a £625m compensation budget to cover the eviction process and said it has reached voluntary agreements with the majority of businesses.

"Today marks a legal milestone for the 2012 Games and the regeneration of the Lower Lea Valley," said an LDA spokesman.

"We are working with businesses to manage their departure from the site over the next few weeks. The whole process is on schedule and on budget."