Almost 800 years after Rochdale received the royal charter that made its historic market possible, traders and shoppers have expressed their dismay at the news it will soon be shut down for good.

The Greater Manchester town, a trading centre since 1251, thrived for centuries as a hub for wool, cloth and cattle. But last week the local authority said the market – which is in its third location in five years – was no longer financially viable and would be closed next month.

For the traders, who say they have already been moved from “pillar to post”, the news has been almost too much to bear.

Peter Jordan’s family have had a stall on the market for nearly 100 years. His grandfather Patrick, from County Mayo in Ireland, began selling produce from their farm in Rossendale in the town’s market in 1919.

Jordan, 76, known affectionately as “The Egg Man”, had been hoping to pass on his stall to future Jordan generations.

Peter Jordan at his stall. Photograph: Christopher Thomond/The Guardian

But on Monday afternoon as the stallholders were packing up for the day they were handed an official letter. It told them they were being given four weeks’ notice to vacate their plots, with the last day of trading to be Monday 14 October. The council says it was not contractually obliged to give any notice but wanted to give traders time “to make alternative arrangements”.

Jordan says: “We absolutely did not expect it. It was a total shock. We have been moved around quite a lot since the original market building closed a few years ago but we never thought they would close us for good.”

On Wednesday morning Jordan’s stall was doing a bustling trade. The grandfather momentarily takes a seat before having to rise again to sell his prized fresh eggs or a pot plant. He believes that the market is as relevant today as it was in the 1950s when as a teenager he started helping his father.

“I have the same people coming every week, sometimes twice a week, to buy their eggs. They want fresh produce and don’t want to get everything from supermarkets. My customers are incredibly loyal and when I do move I hope they will come with me but it doesn’t make this any easier.”

One of those loyal customers is the roofer Carl Fleming, whose family have been buying their eggs from the Jordan family since he was a boy.

Shoppers at the market. Photograph: Christopher Thomond/The Guardian

“It’s a real shame. I come here a couple of times a week and now I’ll end up having to go to Asda which is just not the same,” says the 63-year-old, who helped out on the market as a teenager cutting cauliflowers and lettuces.

“They are the freshest eggs you’ll ever get – he has his own hens – and they taste so good. We want to support him and other independent businesses but they just keep closing them. It is really very sad.”

Jordan’s eggs are sold upstairs in Montague’s Cafe, run by Debra McGinty, and the yolk over a helping of smashed avocado and halloumi is the colour of sunshine. McGinty says her cafe, which only opened last November in the newly refurbished former bank building, is also facing closure. Hundreds have already signed a petition to save her business and the 55-year-old is hoping the council may change its mind.

“We haven’t had any consultation. Nobody came to see me from the council and we’re all just in shock. People love it here and the way this has all been handled has been soul destroying,” she says.

Council officials said traders had been kept fully informed. They said they had made “every effort” to make the market a success, including establishing rent-free periods and subsidising bills. But many feel they have not done enough.

Outside, Alison Melia, whose stall sells watch batteries and straps, says she has been devastated by the decision. “This is my life. I feel absolutely numb and speechless. We have been here for 38 years and our customers love us. We can’t just start again – that loyalty should mean something. We will lose everything.”

Council officials said the decision to close the market was irreversible. A spokesperson said: “Ultimately we can’t use public money to subsidise the market indefinitely when it is losing money month after month. We will help any trader who wishes to relocate.”