Sydney Fish Market rejects claim it is close to | Australian Markets

The biggest fish market within the southern hemisphere has hit back at claims it’s close to financial collapse.

The Sydney Fish Market (SFM), responding to reviews it was confronting an $8m loss for 2023-24 and had allegedly introduced in insolvency consultants, said bluntly it remained a viable business.

“Sydney Fish Market refutes claims that it is close to insolvency,” an SFM spokeswoman advised NewsWire on Thursday afternoon.

“It is taking longer than anticipated to finalise our financial report, due to extenuating circumstances related to the once in a generation transition to the new Sydney Fish Market.

“We are finalising the financial report with the appropriate level of due diligence. It will be lodged this quarter.”

The SFM is a personal company collectively held by the Catchers Belief of NSW, which represents the state’s industrial fishermen, and the Sydney Fish Market Tenants and Retailers, which represents the market’s sellers.

The company posted a $6.3m loss for 2022-23.

The company’s financial statements for 2023-24 haven’t but been revealed, three months after the reporting deadline, however the company pressured it was “business as usual” on the legendary public sale web site and retail zone.

“It is business as usual at SFM and we remain committed to working collaboratively with our stakeholders and the NSW government to ensure a successful transition to the new Sydney Fish Market,” the company stated.

The allegations of potential financial difficulties come because the market, based in 1966, prepares to maneuver from its conventional home in Pyrmont to a new $836m space on the opposite facet of Blackwattle Bay.

The state authorities is footing the invoice for the new construct, which was initially budgeted at $250m, and SFM is anticipated to rent out the new web site on a 50-year lease.

SFM will then lease out areas within the complicated to subtenants.

An Infrastructure NSW spokesman advised NewsWire on Thursday afternoon the query of insolvency had not been raised by SFM with the federal government.

“And we have not received any requests from SFM for financial support,” the spokeswoman stated.

“Infrastructure NSW is working closely with the Sydney Fish Market and we are looking forward to handing over the facility later this year to prepare for operations and ‘Go Live’.”

NewsWire additionally understands the NSW authorities has been supplied no proof that may point out trigger for concern.

NewsWire contacted the Catchers Belief individually, however the physique refused to touch upon the matter.

“Our director at this stage would not like to engage,” a spokeswoman stated.

The new buying, eating and produce precinct at Blackwattle Bay has garnered controversy in current months.

Some retailers on the market have flagged issues with the new building, which is beneath construction and anticipated to be accomplished later this yr, warning of extra prices to run a market over a number of ranges and inadequate energy to keep their produce refrigerated.

Infrastructure NSW advised NewsWire there could be enough energy to run all building systems at peak occasions.

“The work of infrastructure NSW and the design of the building incorporates all of the requirements agreed to with SFM,” the spokesman stated.

“This has been independently reviewed and confirmed that Infrastructure NSW is fulfilling all its obligations to SFM.”