QEII Centre says it brings £145m to UK economy
The QEII Centre’s net economic contribution to the UK economy was £145m – a growth of 45% in just two years – according to its latest economic impact study. Its GVA to London alone was £110.9m.
Following the QEII’s most successful financial year to date and its inaugural report in 2016, the centre commissioned Grant Thornton to undertake an updated analysis, which reports it created £312m of gross UK expenditure in 2017/18 – a growth of 61% over the last five years.
The in-depth analysis of the QEII delegate data from 2013/14 to 2017/18 applied official data sources, industry benchmarks and multipliers, qualitative data from interviews with key partners, stakeholders and a number of clients as well as modelling to assess the impact of several key exhibitions.
Alongside its economic contribution, the study incorporated data relating to employment which advised QEII supported an estimated 3,728 Full Time Equivalent (FTE) jobs – a growth of 46% since 2013/14. It also recorded 262,200 visitors to the venue in 2017/18 – a 32% increase from 2013/14.
Mark Taylor, chief executive of the QEII Centre, said: “This latest report demonstrates the substantial contribution the QEII makes to the economy, which has grown significantly over the last five years. This impressive result, alongside our record-breaking year recently recorded for 2017/18, is the culmination of five years of rapid growth since a £15m capital investment project and rebrand began in 2013.
“Over this period turnover has increased by 49% in total, and the occupancy ratio has grown by 38% in the same time. This shows our overall strategy of improving the venue, fine-tuning our operations, creating superb food experiences and delivering service excellence, all combined with enhanced sales and marketing, is really delivering.”
The report concluded that in addition to the economic benefits and support it provides to London businesses such as hotels, restaurants and retail, the QEII offers a number of wider strategic benefits.
Taylor added: “The QEII Centre’s contribution is far greater than just a financial one. It generates trade and export, business stimulation and knowledge sharing as well as offers an important platform to showcase the UK’s industry and services, positively influencing Britain’s global reputation.”
The QEII hosts more than 600 national and international events a year. In the past year alone, the centre has welcomed numerous high-profile international events including the Commonwealth Heads of Government Meeting (CHOGM), World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders (IFSO), Hong Kong Trade Development Council’s ‘Think Asia’ and the Norwegian Developers Conference.
Its diversification into a wider variety of events has seen it host London Fashion Week shows for Peter Pilotto and Preen by Thornton Bregazzi and events for major brands such as Top Shop, Belstaff and Lancôme.
The seven-floor venue can accommodate up to 2,500 delegates across 32 adaptable conference and events spaces, holding up to 1,300 theatre style in a single room.