Turnover Tops £1bn At New Covent Garden Market As Regeneration Progresses

London’s iconic New Covent Garden Market has achieved a financial milestone with annual turnover exceeding £1 billion for the first time after the combined sales of its wholesale businesses rose 15.5% year on year.

Image: NCGM

Figures released by the Covent Garden Market Authority (CGMA) show that turnover across the market’s 130 businesses reached £1.079bn during the 2025-26 financial year, compared with £934 million (m) in 2024-25.

The landmark achievement comes as London’s largest fruit, vegetable, and flower wholesale market continues its £150m “once-in-a-generation” redevelopment programme, according to a press release.

Due for completion in 2027, the ambitious investment project is designed to secure the future of London and the South East’s vital hospitality supply chain by modernising facilities for traders serving the sector.

Image: NCGM

Based at Nine Elms since 1974, New Covent Garden Market supplies more than 40% of London’s restaurants, hotels, and caterers. 

The market remains a key route to market for fresh produce suppliers serving foodservice customers across London and the South East for the last 50 years. 

The redevelopment is intended to help the market continually adapt to changing supply chain pressures and evolving customer and consumer demands.

Responding to the latest figures, Wanda Goldwag OBE, Chair of the Covent Garden Market Authority, said that reaching over £1 billion in turnover is “a testament to the strength and reach” of New Covent Garden Market and its people.

Image: NCGM | Wanda Goldwag

"Our wholesalers demonstrate extraordinary resilience, skill and dedication every single day, keeping London, the Southeast and beyond supplied with the freshest produce and flowers,” Goldwag enthused. 

“This milestone is not just about scale, but about the continued importance of wholesale markets in a modern, dynamic food system.

“Everyone at New Covent Garden Market remains committed to supporting fellow traders, customers and supply partners, ensuring this market continues to play a central role in serving the UK for generations to come.”

According to the CGMA, the market is home to 130 wholesale businesses supplying customers ranging from independent foodservice operators to leading hotels, restaurants, and institutional catering operations across London and the wider South East.