Fruit and veg traders at London’s iconic New Covent Garden Market have seen a strong increase in trade as reported in this year’s Covent Garden Market Authority’s Annual Report and Accounts. In total the market turnover is £626m, a 6% increase from the previous year.
The market supplies 40% of the fruit and veg eaten outside the home in London as well as all of the top 20 restaurants in the capital, so provides a unique insight into the foodservice sector.
Helen Evans, New Covent Garden Market business development director, said, “New Covent Garden Market plays a vital role in London’s hospitality and foodservice sectors. The current climate, especially in the foodservice sector, has seen some real volatility with some high-profile restaurant chain closures on the high street.
'Despite this, it was encouraging to see that both our wholesalers and distributors are seeing strong growth, with both sectors increasing turnover by about 11% – a figure which is in part credit to the buoyancy of the independent foodservice sector.”
New Covent Garden Market is currently undergoing a £200m redevelopment which will deliver modern facilities for the 167 companies based on site and the 2,500 people they employ.
Year-end 31 March 2018 saw two key milestones in the redevelopment. The opening of the new Flower Market and the Food exchange, a facility for small and medium sized food businesses, set to become London’s dominant food hub with work and event space hosting some of the most exciting movers and shakers in the food industry right now.
An incubator for innovators and the food stars of tomorrow, the Food Exchange spans three floors and is an incredible food community of like-minded entrepreneurs.
The market is based at Nine Elms, Central London’s largest regeneration zone and it plays a key role in the creation of an exciting new residential and business district where over 1,100 new homes will be built, alongside retail, leisure and community facilities and two new underground stations.
As one of Nine Elms’ three icons alongside Battersea Power Station and the new American Embassy, the site is set to become a new Food Quarter for London, giving the public the opportunity to explore the best of fresh produce available.