In a surprising turn of events, Vic's Meat, a beloved butcher shop that has operated at the Sydney Fish Market for over a decade, has closed its doors effective immediately. Owner Anthony Puharich announced the closure on April 17, 2025, citing an "irreparable breakdown" in the relationship with the market's management team as the primary reason for this abrupt decision.
Puharich, who had planned to relocate his store to the revamped Sydney Fish Market precinct set to open later this year, expressed his deep sadness in a heartfelt Instagram post. "It is with a heavy heart and deep sadness that I share the news that my family and I have made the incredibly difficult decision not to continue operating our Vic's retail store at the Sydney Fish Market," he wrote. "This also means we will not be moving forward with our exciting and innovative new retail concept planned as part of the Sydney Fish Market redevelopment."
The closure of Vic's Meat comes just before one of the busiest periods for the market, with Good Friday expected to see over 500 tonnes of fresh seafood traded. Puharich's announcement marks the end of an 11-year relationship with the Sydney Fish Market Authority, which he claims has been strained by circumstances beyond his control. "Unfortunately, in recent weeks, an irreparable breakdown in our relationship with the management and board of the Sydney Fish Market means it is no longer commercially or financially viable for us to continue at our current location or proceed with our future plans," he explained.
The Sydney Fish Market is currently undergoing a significant transformation, with a new $836 million venue set to open next door later this year. However, this relocation has not been without controversy. Many tenants, including Vic's Meat, have raised concerns about the new site's ability to support proper refrigeration and logistics, leading to a refusal to sign new subleases. This situation could potentially lead to compensation payouts if the new premises are not deemed "like-for-like" compared to their previous locations.
In a statement, a spokesperson for the Sydney Fish Market indicated that the closure of Vic's Meat coincided with the end of their lease, but Puharich has contested this narrative, insisting that the split was far from amicable. The spokesperson noted that the organization is excited about the new tenancies that will emerge from the redevelopment, aiming to enhance the market's offerings.
Meanwhile, the financial health of the Sydney Fish Market has come under scrutiny. Recent reports revealed that the market's directors awarded themselves a 23 percent pay rise for the 2023-24 financial year, despite the company recording a staggering $17 million loss over the past two years. In the most recent financial year alone, the market reported a loss of $10.6 million, primarily due to a $9.9 million write-down that included legal and consultant fees related to the upcoming move.
Auditors signed off on the company's financial statements five months late, concluding that the business would remain viable for another 12 months. However, the market's net assets have plummeted by 77 percent since 2019, dropping from $22 million to just over $5 million. This decline raises concerns about the market's role in setting seafood prices and its overall sustainability.
Former director Bruce Standen warned that the financial deterioration could weaken the market's influence in the seafood industry. "It would lead to fragmentation," he cautioned, highlighting the risks associated with the ongoing changes at the market.
Despite the challenges faced by the Sydney Fish Market and the closure of Vic's Meat, the butcher shop continues to operate at other locations across Sydney and Melbourne. Puharich expressed gratitude to his loyal customers and dedicated staff, emphasizing the positive memories created over the years. "I want to extend my deepest thanks to all our incredible staff, past and present, for your hard work, passion, and dedication over the years," he said, reflecting on the bittersweet end to his Pyrmont location.
As the Sydney Fish Market prepares for its redevelopment, the future remains uncertain for many of its vendors and tenants. The community is left to wonder how these changes will impact the market's legacy and its vital role in the local seafood industry.
