Business owners based in Deptford's railway arches say they are facing crippling potential rent rises of up to 100%.

Network Rail controversially sold off all its arches, out of which a range of small businesses operate, to the The Arch Company for £1.5bn last year.

Occupants of Parkside and Resolution Way have spoken of their fears, as existing tenants negotiating new leases have been offered significantly higher rents than they had previously.

Nelson Andrew Rodericks, 68, who has run his business Logo Promotion from a Parkside arch since 2014, said: "Since The Arch Company took over they are proposing 100% increase in rent.

"Most of us don’t have the funds to hire people to negotiate on our behalf.

"Some of us learn less than minimum wage.

"I don’t know how they expect us to pay double, and for what? Nothing more than greed.

"They know we can’t leave. They are just exploiting our situation."

Gin and Beer, a bar which opened on Resolution Way in 2017, closed last month, citing the cost of rent as a major factor.

Network Rail were forced to sell 5,200 arches by the Conservative Government, making The Arch Company Britain's largest small business landlord.

The sale has been criticised by MPs for depriving existing tenants of the option to extend their leases and giving them fewer rights.

New Cross Cllr Joe Dromey, who met with business owners to hear their concerns, said: "These extortionate rent rises are a very real threat to the diverse and thriving small businesses based in the arches.

"I’ve heard from the people affected, many of whom have built up their businesses here over decades.

"They are desperately worried that they will be forced out of our community, or forced out of business altogether. This cannot be allowed to happen.

“Lewisham is a borough of small businesses. We’re calling on The Arch Company to think again. We are determined to work with these small businesses and with Guardians of the Arches, to ensure that they can remain in our community.”

Guardians of the Arches, a campaign group representing tenants, is calling for The Arch Company to make the process by which new rents are calculated more transparent.

Leni Jones, Managing Director, said: "The Arch Company made a public commitment to support the arches tenants however we continue to see threatened rent increases in excess of 100% and sadly more business closures across the capital.

"The Arch Company is a monopoly landlord which is actively preventing fair and transparent rent negotiations by withholding rental information.

"The rate of vacant property has risen from 900 arches to over 1300 arches in 12 months with less than half on the market.

"GOTA will not wait any longer, we are taking action now and calling on all tenants to join us and the Mayor of London to listen before it’s too late."

The Arch Company has stressed that it will act in accordance with their Tenants' Charter, which commits them to engaging "with all tenants and communities in an open and honest manner."

A spokesperson for The Arch Company said: “As long-term owners of the estate, we are engaging with all tenants in an open and responsive manner and ensuring we preserve the diverse mix of tenants that is so integral to the arches community.

“As set out in our Tenants’ Charter we conduct rent reviews on a case-by-case basis as part of a clear and transparent process.

"Where long-standing small businesses and not-for-profits have affordability issues, we are working closely with our tenants to agree suitable rent profiles, for example offering stepped rent increases.

“Negotiations are still ongoing, but we are working closely with our tenants in Deptford to address any affordability issues and agree suitable rent profiles.”