Fruit and vegetable wholesale traders at the UK’s largest fruit, vegetable and flower market have seen revenues increase from £163 million to £166m for the year ending 2015.
Overall, the organisation’s turnover decreased by 3.3 per cent to £625m, attributed to a decline in the hospitality sector, but the market maintained its solid trading performance following record revenues of £646m in 2014.
Nearly 90 per cent of spaces at the market, located in Vauxhall, London, were leased.
Pam Alexander, chair of Covent Garden Market Authority, said: “The market enjoyed a consistent financial performance over the last year. Despite a small decrease in turnover, attributed to a slow-down in the wider hospitality industry, our core wholesale business saw good growth. “
Work is now well underway on the redevelopment of the market, which supplies 40 percent of the fresh fruit and vegetables eaten outside of the home in London. The Flower Market will move to its interim home on the main entrance site in early 2017.
“2015 was an exciting year for us as work started on our site in Nine Elms, the first phase of our major redevelopment,” said Alexander.
“We are creating a new, better market for our wholesalers and customers, ensuring the market remains the leading ‘go to’ destination for restaurants and florists across the capital and beyond.”
The site’s £130m redevelopment will provide a new hub for food businesses in London, with work due for completion in 2022.
