Sydney Fish Market Denies Claims of Financial Collapse Amid Transition to New Facility

Sydney Fish Market (SFM) has rejected claims that it is on the brink of financial collapse, asserting that it remains financially viable as it prepares to transition to its new $1 billion facility at Blackwattle Bay.

Recent reports suggested that the company was in financial distress, citing an anticipated $8 million loss for the 2023-24 financial year and delays in publishing financial statements.

Sydney Fish Market denies claims of financial woes

However, Sydney Fish Market has refuted allegations of insolvency, maintaining that it is “business as usual.”

“Sydney Fish Market refutes claims that it is close to insolvency,” an SFM spokeswoman told NewsWire.

“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 company, which posted a $6.3 million loss for 2022-23, has yet to publish its financial statements for the most recent financial year, three months after the reporting deadline.

Despite this, SFM has assured stakeholders that it remains financially stable and committed to the relocation process.

The new facility, which has cost taxpayers at least $836 million, is set to open in November after significant delays.

Originally slated for completion last year, the new market is expected to be a state-of-the-art shopping, dining, and produce precinct. SFM will lease the site under a 50-year agreement with the NSW government and sublease spaces to tenants.

Concerns had been raised about the market’s ability to handle increased operational costs, with its new two-level structure doubling in size compared to the current Pyrmont site. Some tenants have also expressed apprehension about whether the new facility will have sufficient power to support refrigeration needs, warning that diesel generators may be required over the Christmas period, potentially breaching environmental standards.

Despite these concerns, Infrastructure NSW has confirmed that the new market will have sufficient power and that all design requirements agreed upon with SFM have been met. “This has been independently reviewed and confirmed that Infrastructure NSW is fulfilling all its obligations to SFM,” a spokesperson stated.

Furthermore, the NSW government has received no requests from Sydney Fish Market for financial support, and an Infrastructure NSW representative stated that the question of insolvency had not been raised. “We have not received any requests from SFM for financial support,” the spokesperson said.

While some industry stakeholders remain cautious about the market’s transition and financial standing, SFM has emphasised its commitment to ensuring a seamless move to the new facility. “Our priority remains on ensuring a successful transition to the new, iconic Sydney Fish Market facility on Blackwattle Bay,” the company said in a statement.