London’s New Covent Garden Market has announced an increase in annual turnover of 4.4 per cent to £519 million with growth in catering distribution up nearly 10 per cent on a year ago. Wholesale fruit and vegetable sales were stable, continuing the trend of slow growth in the sector nation-wide in recent years while sales through Covent Garden Flower Market were up by just over one per cent in a climate of continued competitive pressure.
Covent Garden Market Authority achieved a profit on ordinary activities of £1 million before tax and a profit after tax of £700,000.
Occupancy of trading space was over 90 per cent.
Baroness Dean, CGMA chairman was extremely bullish about the results and the future for the market.
“Real progress has been made in securing the long-term future of New Covent Garden Market with the setting up of the redevelopment project,” said Baroness Dean. “We are working closely with Defra on this and while it will take a number of years to complete, we are, at last, moving forward.
“New Covent Garden Market has some of London’s most vibrant and entrepreneurial companies at the leading edge of making this city a world-class food capital. The Flower Market has the best product available and an unsurpassed pool of knowledge. The market’s future has never looked better and together with our traders and staff, the authority’s board is determined to ensure NCGM’s important position in London as a world class city continues.”
The market handles nearly 40 per cent of all fruit and vegetables going into the catering trade in the London area. “The market is uniquely placed as a food hub for the London catering market as well as maintaining its leading role as a horticultural market,” said Jan Lloyd, CGMA chief executive.
By next year, Lloyd expects to have a clear vision for the future of the market confirmed with its stakeholders and a development plan designed to ensure the market is well placed to meet London’s needs.
Gary Marshall, president of the tenants’ association at Covent Garden said the mood on the market was very positive. “We are getting back to maximum occupancy and the market is very busy,” he said. “Catering is increasing and on the wholesale side, we are getting a lot of enquiries. The flower market may have suffered due to the big battle with the major multiples, but it has still made an increase in sales.”
