Sydney Fish Markets has denied claims of insolvency despite reports of a looming financial collapse and an anticipated $8 million loss for the 2023-24 financial year. The market, facing increased operational costs in its new state-funded location, has retained insolvency experts. While the market asserts it is not insolvent and will release its delayed financial report this quarter, the situation raises concerns about its financial stability.
Sydney Fish Markets 'refutes claims that it is insolvent' after reports it faces collapse, will post $8m loss for FY24
Its dire financial position comes as the market prepares to move to a state government funded $836 million space where increased cleaning, insurance and operational costs have sparked concerns from auditors.Reports arose on Thursday that the Sydney Fish Market is teetering on the brink of collapse. Picture: Justin Lloyd/NCA
“We are finalising the financial report with the appropriate level of due diligence – it will be lodged this quarter.” The Sydney Fish Markets spokesperson said it is “business as usual” at the fish market as it looks towards operations at its new premises. Picture: Supplied. “We haven’t been given any indication that they’re insolvent, but obviously we’ll speak to finance in the NSW government if there’s any indication, we’ll look at it closely, but we haven’t been given any indication that’s the case at the moment,” he said.
FINANCE INSOLVENCY SYDNEY FISH MARKET NEW PREMISES OPERATIONAL COSTS
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