Over a billion pounds worth of Olympic and Paralympic contracts are still up for grabs businesses attending the London 2012 Business Summit at ExCeL were told today.

500 businesses from across the UK heard that, with less than 1000 days to go to the London 2012 Olympic and Paralympic Games, there are still approximately £1.7 billion worth of contracts to be awarded by London Organising Committee (LOCOG) and Olympic Delivery Authority (ODA). This will generate thousands of additional business opportunities through the supply chains.

Firms learnt about Olympic and international sporting business opportunities and the Government support on offer to help UK businesses shape up to win contracts. Key procurement leaders from ODA and LOCOG were also on hand to provide businesses the opportunity to pitch their company’s credentials.

Peter Mandelson, Business Secretary, said:
"Today’s event showcases the £1.7 billion still on offer for businesses in the London 2012 Olympic project, and the springboard it provides to win business in other sporting events worldwide.

 “With both Government and business working together, companies of all sizes across the UK can share in Olympic gold.”

Companies attending will also be encouraged to use the experience of London 2012 to target contracts on offer from other host nations including Canada, hosts of the Vancouver 2010 Winter Games, South Africa, FIFA 2010 World Cup, Russia, Sochi 2014 Winter Games and Brazil, FIFA World Cup 2014 and Rio 2016 Olympic Games many of which have host 2 host trade agreements with the UK.

Tessa Jowell, Olympics Minister, said:
“Today shows that there are still plenty of opportunities for British businesses to benefit from the Olympics. In these tough economic times London 2012 is helping to keep order books busy. The skill and ingenuity of the whole country is helping deliver the Games, which are on time and on budget.

"With host countries like, Russia, Brazil and South Africa needing to develop their infrastructure beyond just the sports events there is huge potential for UK businesses to get involved and London 2012 opens the door for them.”

LOCOG will begin ramping up its procurement in the autumn awarding over £700 million of contracts in eight sectors including technology, security and ceremony delivery. While the majority of the ODA’s contracts have now been let, there is still up to a billion worth of goods and services still to be procured. Contracts available will include facilities management, design and temporary construction.

London 2012 Chairman Sebastian Coe said:
“There are now less than 1,000 days to go until the start of London 2012 and already millions of people are being inspired by, benefitting from and delivering the Games. Businesses all over the country have already won billions of pounds worth of contracts with the ODA on the construction of the Olympic Park, which is within budget and on schedule – a testament to the quality of work done so far. LOCOG, the Organising Committee, now moves from planning to delivery and as we seek to procure the goods and services we need to stage a successful Games, we will be contracting around £700m worth of work. From 900,000 pieces of sporting equipment to 17,000 or so beds for the Olympic Village, opportunities exist for companies of all sizes to be part of London 2012.”

More than 1000 companies from across the UK have already won £5 billion worth of work directly with the ODA while thousands more have benefited through the supply-chains. Of ODA’s direct contracts, 98 per cent have gone to businesses in the UK, half of these based outside of London and over two-thirds are small to medium sized enterprises.

Many of the new opportunities will be procured through CompeteFor – described as an online “London 2012 dating agency for businesses” – a website which was set-up specifically to link potential suppliers and buyers in the London 2012 supply chain. Companies registered on this site can use the Solutions for Business products such as Train to Gain, the Manufacturing Advisory Service and Accessing International Markets. Already 40,000 businesses have been helped by Business Link as result of their interest in the Games. International companies registering are being contacted to scope inward investment potential and opportunity.

The Government is also working with sponsors to help companies capitalise on London 2012, with these partners offering advice and support. There is also considerable scope for the tourism and retail sectors to benefit, as well as companies looking to develop the Olympic Park after the Games.

Notes for Editors

1. For further information about the government support on offer for businesses interested in taking advantage of the opportunities of the 2012 Games, please visit www.competefor.com or www.businesslink.gov.uk
2. The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. For more information please visit: http://www.bis.gov.uk/
3. UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. It also helps overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business.
   UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. It provides companies with the tools they require to be competitive on the world stage.
   For more information please visit: www.uktradeinvest.gov.uk
4. The Department for Culture, Media and Sport (DCMS) is the host department of the London 2012 Olympic and Paralympic Games. DCMS aims to improve the quality of life for all through cultural and sporting activities, to support the pursuit of excellence and to champion tourism, creative and leisure industries. The Government Olympic Executive (GOE) has been set-up within DCMS to ensure that Games are delivered on time and on budget and that they benefit the whole of the UK. This includes overseeing the entire London 2012 project, identifying and solving problems, delivering the public sector effort and being accountable to Parliament and to the public.
   For more information please visit: www.dcms.gov.uk/
5. The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) is responsible for preparing and staging the Games in 2012. Led by Sebastian Coe (chairman) and Paul Deighton (CEO) it is primarily funded through the private sector. At total of £2 billion will be raised from sources including sponsorship, broadcasting rights and selling merchandise. LOCOG is responsible for staging all sporting events, ceremonies as well as running media operations and recruiting and co-ordinating the 70,000 or so volunteers required.
   Around 15,000 athletes will compete at the London 2012 Olympic Games and Paralympic Games from 205 nations. Approximately 9 million tickets will go on sale in 2011 for the Olympic and Paralympic Games.
6. The Olympic Delivery Authority (ODA) is the public body responsible for developing and building the new venues and infrastructure for the Games and their use after 2012. The ODA is planning Games-time and long-term use together to make sure the area will be regenerated, leaving housing, schools and health facilities for the local community after 2012 alongside world class sports facilities.

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