The People’s Supermarket has warned it could close this week after struggling to pay its business rates.

In a plea posted on its website, the member-owned retailer said: “The People’s Supermarket is a co-operative and community benefit society and operates for the benefit of its members and the community. It is by no means in pursuit of profit.

“Although our takings have been increasing, we are still having problems paying our business rates.  For that reason, we ask that Camden Council continue to support us by allowing for the renegotiation of rate payments.

“In the absence of such support, The People’s Supermarket will become insolvent by 1 March. This will force us to close the shop.”

It has launched an online petition, currently with more than 2,000 signatures, and a demonstration is also planned outside its Camden shop later today.

Last March, the People’s Supermarket was ordered by Highbury Magistrates Court to pay arrears of £35,000 and business rates of £45,000. It had expected Camden Council to allow it tax relief under the Discretionary Rates Review Scheme, which is often given to not-for-profit organisations.