Businesses to get slices of Olympics cash
Monday, September 15th, 2008Thousands of UK small and medium-sized businesses stand to benefit from the next Olympics thanks to a host of contracts up for grabs.
London 2012 is set to see business opportunities spring up for firms across the nation, with around 18,000 having already registered to tender.
The Olympic Delivery Authority (ODA), which is overseeing preparations for the event, says 90 per cent of these firms are small or medium-sized.
Experts have been giving advice as to how entrepreneurs can benefit, with some saying companies will need to be ready to deliver on big requirements.
Quoted by businesszone, Andy Webber of Lloyds TSB said it is “vitally important” for companies to ensure they have sufficient suppliers and to make sure they can cope with cashflow issues as contracts may not be paid until they are fulfilled.
Some companies are expected to be able to piggy-pack onto firms which have won big contracts and grab a slice of the action via subcontracting
The London 2012 Games are expected to cost billions of pounds with the National Lottery alone expected to cough up some £2bn towards a total of around £9bn.
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