New Covent Garden Market (NCGM) which is in the midst of a major redevelopment has continued to trade with a solid performance and a turnover of £625m for the year ending 2015.
Total turnover for the market's fruit and vegetable wholesalers increased by 1.8% from £163m to £166m with the Flower Market up more than 10% on the previous year. Market share was maintained in the capital with NCGM supplying 40% of out-of-home fruit and vegetables and 75% of London's florists.
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."
The trading results follow the announcement of a new CEO Daniel Tomkinson who will join in August this year to lead the redevelopment of NCGM at Nine Elms.
Tomkinson is currently centre director of the Eden Shopping Centre in High Wycombe and chair of the local Business Improvement District. Leading change in an established and successful business, Tomkinson has overseen several refurbishments at the Eden Shopping Centre that have increased its value and have been carried out whilst the centre continued to trade. Eden has 127 shops and a varied restaurant and leisure offer, serving in excess of 13.5 million customers a year.
Tomkinson replaces Jan Lloyd, CEO for NCGM for over 10 years and who successfully brought about a new future for the market.
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.