Harris Farm Markets breached its banking covenants last year, after the high-end grocery chain reported that annual losses had more than tripled to $22 million due to substantial problems with the roll-out of a new business software system.

Losses at the group controlled by the Harris family ballooned from $6.2 million to $22 million in the year to June 30, 2024, according to the latest financial accounts lodged with the corporate regulator. Its sales rose 5.6 per cent to $788 million.