Sydney Fish Market might be on the brink of collapse after failing to publish its financial report, with sources saying it will reveal a significant loss during the last fiscal year.
According to the Sydney Morning Herald, auditors refused to sign off on the company’s accounts three months after the mandatory reporting deadline.
This was due to concerns the firm would not be able to pay the increased expenses that come with the new premises, which is set to open this year and is double the footprint of the current site.
Sources told the Herald that the company would post an $8 million loss in 2023-24 and had retained insolvency experts.
During the 2022-23 period, Sydney Fish Market reported a $6.3 million loss and was forced to write down the value of its assets by $7 million due to issues relating to the new building.
Despite the speculation, the company said in a statement that its business remained viable.
“It is taking longer than anticipated to finalise our financial results due to extenuating circumstances related to the once-in-a-generation transition to the new Sydney Fish Market. We are finalising the accounts with the appropriate level of due diligence, and these will be lodged this quarter,” it added.
The statement also said the company and its technology partner had mutually agreed to end their collaboration on SFMBlue, a platform designed to boost trading power for fish catchers.
In November, the company appointed Daniel Jarosch as its new CEO, two months after the resignation of Greg Dyer.
