Covent Garden Market Authority (CGMA) has posted encouraging results in its annual report, as the project for the redevelopment of the market continues apace.
The report’s headline figures showed that market trade increased by seven percent to £560 million, with total income up by 17 percent to £1.9 million. With rising costs however, profit on ordinary activities was up £540,000.
Other positive results were that occupancy of trading space rose to 92 percent and office occupancy to 53 percent, up three percent and nine percent respectively, while the percentage of recycled waste rose by some seven percent to 28.7 percent.
CGMA recently announced that it has tied up a three year project with the South East England Development Agency (SEEDA) to promote the distribution of local produce through New Covent Garden Market. It is also in talks with other regional development agencies for similar initiatives.
CGMA is also investigating the potential for public procurement of local produce through the market with the School Food Trust, Government Office for London and English Food and Farming Partnership (EFFP), among others.
Chairman Brenda Dean (pictured) welcomed the results, which she said reflected the positive impact of changes introduced by chief executive Jan Lloyd. “The full redevelopment of the Market will not be achieved overnight but is an essential requirement to ensure that the businesses resident in the Market, and dependent upon it, prosper in the coming years.
“By doing this we can ensure that New Covent Garden Market is the market of first choice because of the service our tenants provide to their customers and the quality of the products available.” l
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