The government has appointed financial consultants PricewaterhouseCoopers to advise on the future development of New Covent Garden Market, London’s wholesale fruit and vegetable market, and its site at Nine Elms.
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The consultants have been asked to identify options for transferring control of the market from the Covent Garden Market Authority into new ownership, the Department for Environment, Food and Rural Affairs said. They will advise on structuring the transactions needed to provide a new basis for the commercial operation of the market independently of Defra. Decisions on which option to pursue will be taken in the light of the consultants’ report, which is expected in the autumn. The Covent Garden Market Authority will be closely involved in the project.
“The future of New Covent Garden Market is a matter of keen interest not only to its tenants, customers and staff but more widely in the context of other developments in this rapidly changing part of London,” said Lord Bach, minister for sustainable farming and food. “I look forward to working with the Market Authority and PricewaterhouseCoopers to identify how best the market and its site can be developed to meet future needs.”
“While we are all conscious of the heritage of New Covent Garden, the Market must change if it is to continue to provide a high level of service to wholesalers and London businesses into the 21st century,” said CGMA chairman Baroness Dean. “It is clear that updating market facilities will require considerable investment which is unlikely to be forthcoming from the public purse. The CGMA looks forward to working closely with Defra and PwC to identify alternative means of ensuring the future success of the market.”
The market moved to its current site in Nine Elms in 1974.
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