Few firms will land Olympic silver
ONLY 14 per cent of businesses in the North West of England believe they will benefit from the 2012 Olympics, according to a new survey.
The study, by Close Invoice Finance, asked entrepreneurs from around the UK whether they were likely to benefit from any new business as a result of London staging the Olypics in 2012. Bosses from the North West recorded the second-lowest score, ahead only of the North East (12%).
Close Invoice Finance said the survey throws into doubht the ability of the games to boost productivity to the extent initially predicted by games organisers.
Ian Steward, head of Close Invoice Finance in the North West, said: “With only a year to go until the Olympics kick off, firms across the UK are now in a position to evaluate whether or not it will bring any additional business their way.
“It’s disappointing to learn that a UK average of 68% expect little impact, particularly given that a lot of the funding for the event is coming from private sector investment, and the fact that much has been made of the opportunities for economic growth in the midst of recession.
“It was understood that the Olympic Games would offer the potential for £6.5 billion worth of work and that businesses beyond London would be in a position to take advantage of the event, but this research seems to be saying otherwise,” he added.
Mr Steward continued: “It’s difficult to pinpoint why these figures are so low. Perhaps the complex tendering process is proving a hindrance, or it could be that larger companies are dominating, particularly when it comes to the big construction contracts.”
