Firms slow out of the Olympic blocks

OLDHAM businesses could lose out on a share of £2.9 billion as a result of being ill-prepared to manage the risks and opportunities of the London 2012 Olympic and Paralympic Games.

According to a study from Lloyds Banking Group, which canvassed the views of more than 100 businesses across the North-West, 17 per cent believe that London 2012 will boost their growth and 72 per cent believe that Britain will benefit as a result of the Games being staged here.

The new study also shows that many UK businesses are not ready to maximise this growth potential.

Official figures show the total potential turnover growth resulting from the Games nationally could be £24.63 billion.

Despite this, the survey shows that 6 per cent of firms in the North-West expect to miss out financially because they will not be ready in time.

Around one in 10 of businesses admitted they could do more to develop a strategy to deal with the opportunities and potential impacts of the Olympics.

When asked why they had not done more to prepare, 73 per cent said they did not believe they had anything to gain or that they did not see any benefits for their particular sector (66 per cent) or for the North-West (63 per cent).

Perhaps more worryingly, 27 per cent of firms questioned said they simply hadn’t thought through the benefits for their specific business, while 32 per cent felt they could not afford to make the necessary investments.

John Robson, regional director for Lloyds TSB Commercial, said: “It is a big mistake to assume that if you’re not based in London and you’re not in a sector directly related to the event that you have nothing to prepare for. There are still opportunities for businesses to benefit from the Games.

“It is not too late to bid for remaining contract opportunities and with a bit of lateral thinking and planning businesses can really benefit from the economic impact of London 2012. The opportunities are already enormous.”

To help businesses understand the various ways in which they can prepare, Lloyds Banking Group, has published a free advice guide, Games Time Ready.

Visit www.lloydsbankcorporatemarkets.com/london2012 to download the guide.

Lloyds Banking Group has made £1 billion available for firms looking to win London 2012 business and is supporting one in three businesses that have won contracts for the 2012 Games.




Oldham is hosting a London 2012 business opportunities breakfast at Fresca, Delph, on Thursday, October 20. Hosted by the Oldham Business Leadership Group, the event is open to all Oldham businesses with a desire and interest in winning business from next year’s London Olympic Games. Places are free and to reserve a seat email june.smith@oldham.gov.uk.