The QEII Centre generated £218 million of gross UK expenditure in 2015/16, creating a GVA of £100m, according to a new economic impact study.
Following the completion of phase 4 of the QEII Centre’s £12m refurbishment programme, the largest dedicated conference, events and exhibition space in central London commissioned Grant Thornton in June 2016 to undertake a detailed analysis of its contribution to the economy.
The in-depth analysis of the QEII delegate data from 2013/14, 2014/15 and 2015/16 also 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.
The study also incorporated data relating to employment which advised that alongside the 2015/16 economic contribution, QEII also supported an estimated 1088-2255 Full Time Equivalent (FTE) jobs.
The findings of the study support the Centre’s business forecasting for the next three financial years. After recording 231,900 visitors to the venue in 2015/16, QEII is on course to deliver a solid operating performance for the 2016/17 financial year and its advanced bookings are currently 21% and 39% ahead respectively for 2017/18 and 2018/19 compared to a year ago.
Mark Taylor, Chief Executive of the QEII Centre, said: “Thanks to the combination of our substantially improved facilities and services, the commitment and enthusiasm of our staff as well as our re-branding and enhanced marketing activity, we are now hosting a wider variety of exhibitions, awards ceremonies, fashion shows and banqueting events alongside our core conference business. Therefore, with our continuing success, we felt it was important to quantify the Centre’s economic contribution to both the UK and London economy.”
He added: “While the results from the QEII’s Grant Thornton economic impact study speak for themselves, the centre’s contribution is far greater than just a financial one. It generates trade and export, business stimulation and knowledge sharing (soft power) as well as an important platform to showcase industry and services, positively influencing London’s and the UK’s global reputation.”