Work is well underway on the redevelopment of New Covent Garden Market, London’s original and finest fruit, vegetable and flower wholesale market, with the Flower Market moving to its interim home on the main entrance site early 2017.
The market’s solid trading performance has been maintained with a turnover of £625m* for the year ending 2015. After a record performance in 2014, the market performed well overall, with some stand-out results from the Flower Market and fruit and vegetable wholesalers.
Pam Alexander, Chair of Covent Garden Market Authority, said: “2015 was an exciting year for us as work started on our site in Nine Elms, the first phase of our major redevelopment. 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 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.”
Total turnover for the market’s fruit and vegetable wholesalers increased by 1.8 percent from £163m to £166m. The Flower Market continued to grow and was up more than 10 percent on the previous year. This business also maintained its market share in the capital, supplying 40 percent of out-of-home fruit and vegetables and 75 percent of London’s florists. New Covent Garden Market achieved nearly 90 percent capacity in terms of space leased.
More than 160 varieties of fruit and 180 varieties of vegetables can be sourced at New Covent Garden Market, from apples to zalacca and asparagus to yams. It offers the broadest range of fresh produce in London, attracting buyers from across the UK who struggle to locate the more niche products elsewhere.
Pam Alexander added: “New Covent Garden Market remains the original, largest and most diverse fruit, vegetable and flower supplier in London, attracting customers from as far north as Chester and as far west as Devon.
“The end of 2015 marks the last full year of the market in its current guise and we now look forward as the new market emerges to the next phase in our journey.”
The £130m major redevelopment of New Covent Garden Market will create a better home for its 200 businesses and thousands of customers, as well as provide a new hub for food businesses in London. Work is on track to complete the redevelopment of the new market by 2022.