Turnover at the UK’s largest wholesale market reached £602 million in its latest financial year, an increase of 7.5 per cent year on year.
New Covent Garden Market (NCGM) tenants achieved the uplift in 2007; a year in which progress towards the redevelopment of the Nine Elms site stepped up a gear, and tenants and the Covent Garden Market Authority (CGMA) worked together to enhance outreach to the local and regional communities, as well as suppliers in the UK.
Within the overall figures, the fruit and vegetable market’s turnover rose by 0.5 per cent to £161m, a fourth successive year of growth after a period of steady decline. Catering and distribution operations saw their combined turnover increase by 17.1 per cent to £171m, continuing a five-year growth trend. But the flower market saw its turnover drop by 5.3 per cent to £53m, largely due to the closure of several companies during a year of intense competitive pressure.
Food and other related activities brought in a further £97m in 2007, a 16.8 per cent rise, and importers, agents and other services contribute an estimated value of £120m to market business.
CGMA chief executive Jan Lloyd said: “We believe that NCGM is a vital part of London’s market provision, providing the best produce to one of the world’s great capitals. As the redevelopment progresses, our aspiration is that NCGM becomes the focus for food and flowers in London.”
No comments yet