Premium butcher chain Vic’s Meat walked away from its retail outlet at the Sydney Fish Market on Thursday morning, after more than 10 years of trade.

The butcher shop has no intention to return: the retail concept store it planned for the Sydney Fish Market’s new $836 million premises, set to open in November, was also abandoned today.

A spokesperson for Sydney Fish Market said the sudden closure of Vic’s Meats coincided with their end-of-lease, but Vic’s co-owner Anthony Puharich claimed the split was far from amicable.

In a statement, Puharich said weeks of failed negotiations with fish market management and executives led to “an irreparable breakdown in our relationship”.

“It is with a heavy heart and deep sadness that I share the news that my family and I have made the incredibly difficult decision not to continue operating our Vic’s retail store at the Sydney Fish Market,” Puharich said.

“Due to circumstances completely beyond my control … it is no longer commercially or financially viable for us to continue at our current location or proceed with our future plans.

“Our 11-year relationship with the Sydney Fish Market Authority [has come] to an end, effective immediately.”

The announcement follows a Sydney Morning Herald report on Wednesday, which revealed Sydney Fish Market executives gave themselves a 23 per cent pay rise in the 2023-24 financial year, despite posting a $17 million loss over two years.

The move across Blackwattle Bay is a controversial one – the Herald also reported most tenants have refused to sign their agreements to sublease retail space at the new building, raising the prospect of compensation claims if they can prove the new premises are not like-for-like.

Financial statements showed that Sydney Fish Market’s net assets have fallen from $22 million in 2019 to just over $5 million, representing a 77 per cent decline over five years.

Sydney Fish Market declined to answer detailed questions, but said it was “excited to release two new tenancies to market that will benefit from our unique and compelling new retail offering”.

“Although the organisation shared in our excitement for the new Sydney Fish Market, Vic’s is now focused on other opportunities, and we wish the business well,” the spokesperson said.

Vic’s Meat closed the day before one of the market’s busiest days of the year: Good Friday, when the market expects to trade over 500 tonnes of fresh seafood.

Vic’s is a family-owned business which has operated since 1996, with a focus on quality raw meat sold at wholesale prices. At Pyrmont, there was an open raw counter surrounded by several specialty stations including a “lean and green” section that stocks anything organic and grass-fed, and a wild meat section featuring game such as venison, wild boar, rabbit and kangaroo when in season.

The butcher continues to trade at Mascot, Chatswood, Bondi Junction and Chadstone in Melbourne. Puharich declined to offer further comment.