Christmas party cuts will see events companies go under
The events industry faces a bleak future, according to the chief executive of an independently owned event and catering company.
Crown Group boss Charles Beer has warned that a large number of event companies will be forced out of business next year as the Christmas party events sector falters.
Beer estimates that between 30% and 40% of the Christmas party market in the UK remains unsold.
“With many event businesses relying on these months for a large percentage of their yearly business, I predict that we are going to see a large number of event companies being forced out of business in 2009, with possibly hundreds of jobs lost,” he said.
“Smaller event businesses who rely on borrowing will be the first to go.”
He said major firms who would normally hold large scale events are realising this is not the time to be seen to be frivolous.
“The city has to be seen to be cautious. They are either scaling down their events or deciding not to hold them altogether, despite in some instances deposits or even the full amount of the party having to be faltered,” he said.
“To survive businesses not only need to be able to demonstrate to clients that they provide value for money, they also need to be careful who they choose to do business with.
“Credit checks on both the buyer and the supplier should be mandatory because, as we have clearly been shown in the past six months, no-one is safe from the economic downturn and the brutal commercial reality is only the strong will survive.â€
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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