Combined turnover of the market’s 130 wholesalers has passed a billion for the first time, as tenant occupancies and rent recalibration help market landlord Covent Garden Market Authority achieve profit increase
New Covent Garden Market (NCGM) exceeded an annual turnover of £1 billion for the first time, according to the latest financial accounts released by market landlord Covent Garden Market Authority (CGMA).
Combined turnover of the 130 businesses trading at the market rose to £1.08bn in the 2025-26 financial year, up 15.5 per cent from £934mn in the prior year.
“Reaching over £1 billion in turnover is a testament to the strength and reach of New Covent Garden Market and the people who make it what it is,” said CGMA chair, Wanda Goldwag.
“This milestone is not just about scale, but about the continued importance of wholesale markets in a modern, dynamic food system,” added Goldwag.
CGMA itself recorded an operating profit before development activity to £9.4mn, up from £0.9mn in 24-25, with tenant occupancy rising from 91 to 96 per cent.
Total trading revenue reached £18.5mn, a £1.8mn increase on the prior year. Tenant recoveries rose to £10.4mn, reflecting a recalibration of service charge rates in response to higher operating costs, while rental income increased to £4.9mn, CGMA reported.
Costs remained under pressure from inflation, particularly increased labour rates under the London Living Wage, national insurance, and higher waste handling costs, but these were offset by good financial management and tenant recoveries, the authority said.
The market is currently undertaking a £150 million regeneration project, due to complete in 2027.
Phase four was completed earlier this year with the new consolidated Buyer’s Walk opening in January 2026. According to the report, the build has progressed well and is proceeding according to expected timeframe. Final tenant migrations are expected to be complete by August 2028.
