Hotel and catering companies could miss out on a share of £21b of Olympic related contracts and business unless they take action now.
The warning comes from Lloyds TSB Commercial & Corporate, who surveyed 800 businesses with a turnover of up to £500m and found two-thirds (66%) of hotel and catering firms in the sample had not yet looked into the opportunities around the 2012 games.
While 57% of survey respondents said that the games would have a positive economic benefit, only just over a quarter (26.2%) hotel and catering businesses said they planned to look into the opportunities around the London Olympics within the next twelve months.
Paul Evans, area director of Lloyds TSB Commercial, said: "London and the UK as a whole are expected to see a major rise in visitors as a result of the Games. Many of these visitors will extend their stay and visit other parts of the country, providing a boost to tourism and the hospitality sectors.
"This will have a knock-on effect within the hotel supply chain in particular, providing a boost to all sorts of businesses ranging from catering equipment and linen suppliers to the wines and spirits trade."
Lloyds TSB is an official sponsor of the 2012 Olympics and has estimated that the games will boost the British economy by £21b.
By Christopher Walton
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