The Markets Board met to discuss updates from the general managers of Smithfield Market, New Spitalfields Market and Billingsgate Market, as well as the Markets Division business plan and wholesale market risk. The board noted the updates and reports provided. They also approved the public and non-public minutes from the previous meeting held on 9 July 2025.

General Manager Updates

The Markets Board received updates from the general managers of Smithfield, New Spitalfields and Billingsgate Markets.

Smithfield Market

Dan Ritchie, Deputy Director & General Manager of Smithfield Market, reported on several key areas:

• Staffing: There had been significant turnover in the maintenance team, with most positions currently filled by agency staff.
• Cleaning: Cleaning remained a priority, with improvements in the accessibility of sanitary essentials for tenants and their staff. The bird netting around the market had been cleaned.
• Energy: Apparatus would be installed in the remaining urinals to move away from regular flushing and chemical cleaning, following a successful trial in the public toilets.
• Health & Safety: A campaign had been conducted over the summer to address trade buyers inappropriately attired in the service corridors, with the constabulary handing out free disposable PPE[^2]. [^2]: PPE stands for personal protective equipment, and is equipment worn to minimise exposure to hazards that cause workplace injuries and illnesses.
• Tenant Association Priorities: Regular meetings were ongoing with the Smithfield Market Tenants Association (SMTA) to address issues such as cleanliness, maintenance, pest control and improved compliance.

Billingsgate Market

Julia Kanji, General Manager of Billingsgate Market, provided the following updates:

• Staffing: All posts were filled with permanent staff, except for one vacancy in the maintenance team and one in the constabulary.
• Cleaning: The local team continued to work with Mitie[^3] to improve cleanliness and water efficiency, with positive feedback received on cleaning standards. [^3]: Mitie Group PLC is a British company that provides facilities management, property management and a range of specialist services.
• Energy: The Energy Team had visited the market and recommended cost-effective measures such as thermal film. Thames Water had also suggested water efficiency proposals, with improvements already made to urinals.
• Health & Safety: ANPR[^4] equipment, payment terminals and renewed signage had been installed by Your Parking Space, with a soft launch planned before enforcement. [^4]: ANPR stands for Automatic Number Plate Recognition, a technology that uses optical character recognition to automatically read vehicle registration plates.
• Tenant Association Priorities: The London Fish Merchants Association (LFMA) remained engaged with relocation arrangements, and were working together to prioritise repair and refurbishment work under the Billingsgate Action Plan.

New Spitalfields Market

Emma Beard, General Manager of New Spitalfields Market, reported on the following:

• Staffing: All posts were currently filled.
• Cleaning: Mitie continued to deliver high standards of site cleansing and waste management. A review of tenant waste charges was underway to ensure they correlated with current disposal costs.
• Energy: Opportunities to modernise and improve energy performance were being explored, including a project to remove the gas boiler in Allen House and upgrade to a VRV[^5] system. Feasibility studies were underway to consider adding solar PV panels[^6] to the market pavilion, catering supply buildings and car parking areas. [^5]: VRV stands for Variable Refrigerant Volume, which is a type of HVAC (heating, ventilation, and air conditioning) system. [^6]: PV panels stands for photovoltaic panels, which convert sunlight into electricity.
• Health & Safety: Parking charges were introduced for HGV drivers in July 2025, with the income ringfenced for roadway improvements and site safety. New ANPR cameras had been purchased to improve vehicle recognition rates and traffic flow times.
• Tenant Association Priorities: New lease negotiations remained a top priority, with a first meeting between agents due to take place in early September.

Markets Division Business Plan Update

The board received an update on the Markets Division Business Plan for 2025/26. The plan includes key performance indicators (KPIs) to measure the markets' key operations.

• Outstanding Debt: The target is less than 1.5% of total invoice income. Performance across all markets was 2.90% (Amber). New Spitalfields debt was primarily due to payment plans agreed for backdated rent charges on the Catering Supply Buildings. Smithfield debt had been reduced since the figures were published. Billingsgate debt was below target.
• Waste Diversion: The target is to divert 100% of waste from landfill. Performance was 0% sent to landfill (Green).
• Occupancy: The target is to maintain a minimum 95% occupancy. Performance was 96% (Green). Billingsgate Market had 12 vacant offices, New Spitalfields had one vacant ancillary unit and one large vacant catering unit, and there were no vacancies at Smithfield.

The report also included a financial summary, which showed an overspend of £15,000 against the local profiled net expenditure budget at the end of June 2025, but an overall forecast underspend of £169,000 against the latest net expenditure budget.

City Surveyor's Wholesale Market Risk Update

The board received the City Surveyor's Wholesale Market Risk Update report. The report identified six departmental level risks and one senior management team (SMT) departmental risk with a current rating of 6 or above (Amber or Red) on the City of London Risk Matrix.

The risks identified were:

• SUR-SMT 017: Extended Operation of Smithfield & Billingsgate Market (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)

The report provided an update on the key risks and the mitigating actions being taken to reduce their likelihood and/or impact. Risk management is a standing agenda item at the regular Markets Division Senior Management Group (SMG) meetings.