The Markets Board was scheduled to discuss updates from the General Managers of Smithfield, New Spitalfields, and Billingsgate Markets, as well as review the Markets Division Business Plan and the draft high-level Business Plan for the City Surveyor's Department for 2026/31. The Board was also set to consider the City Surveyor's Wholesale Market Risk Update Report.

Updates from the General Managers

The Board was scheduled to receive updates from the General Managers of Smithfield, New Spitalfields, and Billingsgate Markets. These updates were intended to provide information on various operational aspects of each market.

For Smithfield Market, the reports indicated that the Market Security Manager had returned to his full-time role, contributing to a successful Christmas trading period. Cleaning remained a priority, with extensive work planned for January 2026. Energy improvements were underway, with E.ON completing a shutdown to enable upgrades to the chilled water supply. The market's Safe365 score was reported to be improving. The Smithfield Market Tenants Association (SMTA) had secured significant funding for their Christmas Eve Meat Auction, which was considered a successful event. However, concerns were raised about proposed road closures on St John Street by the London Borough of Islington, which were seen as critical to the market's operation.

At Billingsgate Market, a Market Sergeant had been appointed on a secondment basis to replace the shared Market Security Manager who had moved to Smithfield. Cleaning standards were reported to be high, with Mitie assisting in implementing a 10 am market closedown. Energy savings were anticipated from the installation of Sabian M2G retrofits on boilers. The market's Safe365 score had increased to 73%, reflecting effective risk management. Tenant priorities included the market's move and emerging issues.

For New Spitalfields Market, a new Market Operations Manager had been appointed. Cleaning standards remained high, although challenges were being experienced with food waste disposal due to treatment facilities operating at capacity, potentially leading to increased disposal costs for tenants. The upgrade of the office cooling system was nearing completion, and funding had been approved for the installation of solar PV panels. The priority for the Tenant Association remained lease negotiations, with an aim to reach agreement by 31 January 2026.

The Markets Division Business Plan Update

This report, from the City Surveyor, was scheduled to provide an update on the progress made during Period 2 (August to November 2025) of the 2025/26 financial year, focusing on the key improvement objectives outlined in the Markets' Business Plan. The report was expected to detail progress against three Key Performance Indicators (KPIs): outstanding debt as a percentage of total invoice income, market occupancy levels, and waste diversion from landfill. Financial summaries and matters of general interest, including a list of visitors to the markets, were also to be presented.

Draft High-Level Business Plan 2026/31 - City Surveyor's Department

The Board was scheduled to consider the draft high-level Business Plan for the City Surveyor's Department for the period 2026/31. This plan, which would be reviewed and refreshed annually, was intended to provide a five-year outlook on key departmental activities. These included the Real Estate Investment Strategy, the Cyclical Works Programme, and the Corporate Property Asset Management Plan, as well as contributions to major corporate initiatives such as the Climate Action Strategy and the progress of the de-marketisation Bill. The plan was developed with input from staff and aligned with the Corporate Plan 2024-2029. Performance measurement through KPIs and the department's commitment to delivering value for money were also to be detailed. The report also included findings from a utilisation assessment of corporate spaces occupied by the department, which indicated no surplus space.

The City Surveyor's Wholesale Market Risk Update Report

This report was intended to provide assurance to the Markets Board that the risk management procedures within the Markets Division were satisfactory and met the requirements of the corporate Risk Management Framework. Risks were to be reviewed regularly by the Markets Senior Management Group. The report was expected to highlight departmental-level risks with a current score of 8 or above, classified as 'Red' or 'Amber' on the City of London Risk Matrix. Specific risks to be discussed included the extended operation of Smithfield and Billingsgate Market sites, Billingsgate transport risk, health and safety risks at the wholesale markets, and building maintenance management at Smithfield Market. The report was to detail the causes, events, and impacts of these risks, along with the mitigating actions being taken.

Public Minutes

The Board was scheduled to agree the public minutes of the previous meeting held on 6 November 2025.

Questions on Matters Relating to the Work of the Committee

This agenda item allowed for members to ask questions concerning the work of the Markets Board. One question was noted regarding the funding and communications arrangements for the Smithfield Christmas Meat Auction. Officers were expected to confirm the submission of a funding application and a meeting to coordinate communications.