London venues secure contracts worth £17.4 million during Olympics

Although tourists heading into London this week will be focused on celebrating and letting loose, a selection of the city’s venues will be preparing for a busy few weeks ahead.

According to ‘The 2012 London Venues Business Report’, venues across London managed to secure £17.4 million in contractual bookings during the city’s hosting of the Olympic Games. Furthermore, other readings suggest that the vast majority of hotels, event venues and tourist attractions are optimistic about the Olympic legacy delivering further returns.

In figures cited by, researchers surveyed 100 venues across the capital to find that 87 per cent are feeling positive about life after the events. This may be owed to their pre-Games success, as almost a third of participants reported an increase in revenue between May-June of this year when compared with 2011 results.     

Meanwhile, according to, 48 venues questioned claimed that trade for September-December 2012 had picked up from the same period last year.  

Higher levels of growth may be delayed for now, though. Only 51 per cent of spaces said they were banking on an improvement for their 2012 full-year forecast, but over half of this group envisage an increase of up to 30 per cent.

The study also confirmed that lead times are getting shorter for businesses. According to researchers, the overall average lead time currently stands at five months, with 41 per cent of venues claiming that large events are booked on average less than three months in advance.