New Covent Garden Market

As a statutory corporation, the UK treasury has shielded New Covent Garden from changes in conditions of the wholesale industry.

[6] Following a report by PricewaterhouseCoopers, the CGMA and DEFRA agreed on a plan (known as Project Chrysalis) to reform and redevelop the market to enable it to be eventually sold.

The CGMA signed a contract with Vinci and St. Modwen in 2013 for the market's regeneration for a five-year development project[10] Funded by releasing spare land to the developers to build residential properties,[11] the £2 billion project[12] is expected to provide 2000 additional jobs, include 3000 new homes, 135,000 square feet of commercial units and 100,000 square feet of retail facilities.

[13] The project is a part of the wider Nine Elms Regeneration area, which also encompasses the relocation of the Embassy of the United States, London to Nine Elms, the regeneration of Battersea Power Station, and an extension of the Underground's Northern line (funded in part by the CGMA).

By the time redevelopment works started in 2015 (months behind schedule), the project's timeline had increased in scope and was expected to take 10 years.

The lawsuit was settled in December 2020 with the CGMA agreeing to implement changes proposed in a consultation made earlier that year.