The City of London Corporation's Markets Board met to elect a chairman and deputy chairman, approve the minutes from the previous meeting, and receive updates on the business plan, risk management, and general operations at Smithfield Market, Billingsgate Market, and New Spitalfields Market. The board also discussed debt arrears and tenancies.

Election of Chairman and Deputy Chairman

The Markets Board elected a Chairman and Deputy Chairman for the upcoming year. Deputy Henry Pollard was elected Chairman and Philip Woodhouse was elected Deputy Chairman.

General Manager Updates

The General Managers of Smithfield, Billingsgate, and New Spitalfields Markets provided updates on staffing, cleaning, energy, health and safety, and tenant association priorities.

Smithfield Market

• Staffing: There are vacancies in the maintenance, constabulary, and cleaning teams, which are being covered by agency staff.
• Cleaning: Overnight cleaning staff are using a patrol system to check public toilet facilities.
• Energy: The internal team is managing the facility and enhancing plant, equipment, and fixtures.
• Health & Safety: A section of the glass canopy failed outside of core market hours. The area has been cordoned off, and an inspection is planned. Netting has been ordered and is expected to be hung by mid-June, subject to permissions from Highways.
• Tenant Association Priorities: The Superintendent, Assistant Director, and Director are meeting with the Smithfield Market Tenants Association (SMTA) on a near-monthly basis to address their priorities. The glass canopy failure is the most urgent priority.

Billingsgate Market

• Staffing: A General Manager and a permanent Maintenance Manager have been appointed. There are three vacancies for Market Constables.
• Cleaning: A new waste and cleansing contract with Mitie started on 1 April.
• Energy: A four-year market-wide contract has been entered into with Laser/Total Energies to procure electricity and gas, starting in October 2025.
• Health & Safety: Local management is working to improve procedures and policies to support an uplift in Safe 365 Health and Safety Scores, including a sitewide campaign to increase the reporting of near misses.
• Tenant Association Priorities: The Superintendent and Director meet with the London Fish Merchant Association (LFMA) on a monthly basis. Current priorities are the management of traffic in the Q Shop area and the reorganisation of the waste and recycling compound.

New Spitalfields Market

• Staffing: Vacant General Maintenance Operative and Electrician posts are being filled by agency staff, with onboarding to permanent positions expected in early May.
• Cleaning: A new waste and cleansing contract began on 1 April 2025 with Mitie Waste and Environmental Services.
• Energy: Electricity costs recharged to tenants remained steady at 21p per KWH in both Q3 and Q4. The team is exploring funding options to install smart meters.
• Health & Safety: The glazing replacement project is now complete.
• Tenant Association Priorities: Market tenant leases end on 12 May 2025, and the tenant's association and their appointed agents are keen to begin negotiations urgently. A global extension agreement is required to allow time for the lease negotiations to take place, this is currently being drafted between both parties with an end date of September 2026 and should be in place before the current leases end.

Markets Division Business Plan Update

The Board received an update on the progress made during Period 3 (December-March) of 2024/25 and key improvement objectives outlined in the Markets’ Business Plan 2024/25¹.

Of the three Key Performance Indicators (KPIs), one met its target, and two were slightly below target.

• MKPI.1 – Markets – Each Market’s outstanding debt as a percentage of their total invoice income (excluding 0-30 days invoices)
  • Performance: 5.18% (Amber)
  • Target: Less than 1.5%
  • The amber rating is predominantly the result of a single debtor at Billingsgate Market.
• MKP3 – Maintain a minimum 95% occupancy with the expectation to achieve 100%
  • Performance: 91% (Amber)
  • Target 95%
  • There are 12 vacant offices out of 59 rentable offices at Billingsgate Market. Smithfield and New Spitalfields are at 100%.

The report also included data on the average working days lost to sickness across the Market division.

City Surveyor's Wholesale Market Risk Update Report

The Board received a report providing assurance that the risk management procedures in place within the Markets Division are satisfactory and meet the requirements of the corporate Risk Management Framework.

The Risk Register for the Wholesale Markets contains 7 departmental level risks with a current rating of 6 or above and 1 SMT departmental risk.

The risks identified were:

• SUR-SMT 017: Markets Parliamentary Bill. (RED, 16)
• SUR-MKT BM 009: Billingsgate Transport Risk (AMBER, 12)
• SUR-MKT WM 004 Health & Safety Risk (AMBER, 12)
• SUR-MKT NS 003 Building Maintenance Management, New Spitalfields (AMBER 8)
• SUR-MKT SM 006: Smithfield Transport Risk (AMBER 8)
• SUR-MKT NS 008: New Spitalfields Transport Risk (AMBER 8)
• SUR-MKT SM 012: Building maintenance-management, Smithfield (AMBER 8)
• SUR-MKT SM 004: Cooling water failure, Smithfield (AMBER 6)