1 Year Olympic Anniversary Sparks La Dominion Acquisitions to Study the Impact of London 2012 on British Economy
One year after hosting the London 2012 Olympic Games, Britain’s economy has seen a boost of £9.9 billion in trade and investment, according to new research. Franck Benachour at La Dominion Acquisitions however says that there are two sides of the medal.
A new report for the UK Trade and Investment department (UKTI) shows that the London 2012 Olympic Games have delivered a £9.9 billion trade and investment boost, of which £2.5 billion are additional inward investment, 58% of which was outside London, £5.9 billion through additional sales following Olympic-related promotions by the Foreign Office and UKTI, and £1.5 billion through high value overseas contracts, such as helping to design venues in other host nations in the coming years (bbc.co.uk). Franck Benachour, managing director of La Dominion Acquisitions says: “We do believe that the Olympic Games have helped the economy to further growth and created new opportunities for many businesses. However, this is only one side of the medal; some businesses have reported that the Games did not have a positive impact at all.”
Research from the Federation of Small Businesses (FSB) reveals that in London 55% of small businesses that won Games contracts experienced growth; many of those firms have taken on more staff and are growing their business. 28% of those companies have even seen an increase in the level of skills as a result of winning the contract. Nevertheless, the FSB has reported a mixed outcome for many small firms outside the capital and the South East and wants them to see a greater Olympic legacy push (fsb.org.uk).
Franck Benachour of La Dominion Acquisitions says that the Games were a fantastic experience for the UK and have generated many opportunities for companies in London. “It is however difficult at the moment to determine the actual economic impact. I believe it is much too early for that,” continues Franck Benachour. National Policy Chairman at the FSB, Mike Cherry, explains: “Out in the nations and regions we found that the effect of the Olympic Games didn’t materialise as much as had been hoped. Some businesses certainly did benefit from the Games with really good contracts, but for others it just didn’t happen (bbc.co.uk).”
Franck Benachour, managing director of direct sales and marketing company La Dominion Acquisitions, has reported a positive impact for the business as a result of the Olympic Games 2012. “Most of our clients have worked hard to sign contracts with companies overseas and are now expanding rapidly,” says Franck Benachour. La Dominion Acquisitions support their clients to promote and sell their products and services. With increased sales and a higher return on investment for La Dominion Acquisitions’ clients, the company has been asked to expand into further markets which has led the firm to open a new branch in Paris, France. “In the coming years we will continue to feel the effect of the Olympic Games and then it will be more accurate to reflect on how London 2012 has helped the British economy to growth,” says Franck Benachour.
La Dominion Acquisitions Franck Benachour British Economy London Olympic Games 2012 Business & Finance Sport