Lord Bach, minister for sustainable farming and food has announced that financial consultants PricewaterhouseCoopers has been engaged by Defra to advise on the future development of New Covent Garden Market and its site at Nine Elms, south London.
The consultant has been asked to identify options for transferring control of the market from the Covent Garden Market Authority into new ownership. PwC will advise on structuring the transactions needed to provide a new basis for the commercial operation of the market independently of Defra. Decisions on which option to pursue will be taken in the light of the consultants' report, which is expected in the autumn.
The Covent Garden Market Authority will be closely involved in the project. Lord Bach said today: "The future of New Covent Garden Market is a matter of keen interest not only to its tenants, customers and staff but more widely in the context of other developments in this rapidly changing part of London. I look forward to working with the Market Authority and PricewaterhouseCoopers to identify how best the market and its site can be developed to meet future needs."
Baroness Dean, chairman of CGMA, said: "While we are all conscious of the heritage of New Covent Garden, the Market must change if it is to continue to provide a high level of service to wholesalers and London businesses into the 21st century. It is clear that updating Market facilities will require considerable investment which is unlikely to be forthcoming from the public purse."
