Sydney Fish Market rejects claim it is close to insolvency

An iconic Aussie fish market has hit back at stark claims it could be falling into insolvency, stating bluntly it is ‘business as usual’.

The largest fish market in the southern hemisphere has hit back at claims it is close to financial collapse.

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

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

The Sydney Fish Market was founded in 1966. Picture: NewsWire / Nikki Short

The company’s financial statements for 2023-24 have not yet been published, three months after the reporting deadline, but the company stressed it was “business as usual” at the legendary auction 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 said.

The allegations of potential financial difficulties come as the market, founded in 1966, prepares to move from its traditional home in Pyrmont to a new $836m space on the other side of Blackwattle Bay.

The state government is footing the bill for the new build, which was originally budgeted at $250m, and SFM is expected to rent out the new site on a 50-year lease.

SFM will then lease out spaces within the complex to subtenants.

SFM, a private company, has refuted allegations it is close to insolvency. Picture: NewsWire / Flavio Brancaleone

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

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

“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 also understands the NSW government has been provided no evidence that would indicate cause for concern.

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.

The new market is expected to open in late 2025. Picture: Supplied

The new shopping, dining and produce precinct at Blackwattle Bay has garnered controversy in recent months.

Some retailers at the market have flagged 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.

Infrastructure NSW told NewsWire there would be sufficient power to run all building systems at peak times.

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

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

Originally published as Sydney Fish Market rejects claim it is close to insolvency