Sydney Fish Market reportedly confronting $8m loss, insolvency

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Sydney Fish Market reportedly confronting $8m loss, insolvency

The largest fish market in the southern hemisphere is reportedly close to financial collapse.

The Sydney Fish Market (SFM) is confronting an $8m loss for 2023-24, according to The Sydney Morning Herald, and the company has allegedly brought in insolvency experts.

The financial breakdown comes as the legendary auction site and retail zone prepares to move from its traditional home in Pyrmont to a new $836m space on the other side of Blackwattle Bay.

The SFM is a private company jointly held by the Catchers Trust of NSW, which represents the state’s commercial fishermen, and the Sydney Fish Market Tenants and Merchants, which represents the market’s sellers.

The company posted a $6.3m loss for 2022-23 and auditors have allegedly expressed concerns it will not be able to meet increased cleaning and operational costs at the new building.

Camera IconThe Sydney Fish Market was established in 1966. NewsWire / Nikki Short Credit: News Corp Australia

The company’s financial statements for 2023-24 have not yet been published, three months after the reporting deadline.

In a statement released to The Sydney Morning Herald, the company denied trading while insolvent and said it remained viable.

“We have no reason to believe this will change in the foreseeable future,” the statement said.

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

“We are finalising the accounts with the appropriate level of due diligence, and these will be lodged this quarter.

“Presently, our priority remains on ensuring a seamless transition to the new, iconic Sydney Fish Market facility on Blackwattle Bay.”

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NewsWire contacted the Catchers Trust separately, but the body refused to comment on the matter.

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

“We’d like to thank you for your time and inquiry”

Infrastructure NSW has been contacted for comment.

Retailers at the market have flagged serious concerns with the new building, which is under construction and expected to be completed later this year, warning of additional costs to run a market over several levels and insufficient power to keep their produce refrigerated.

The original cost of the new shopping, dining and produce precinct was pegged at $250m.

The state government is footing the bill for the build.

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