Press Cuttings Transcripts

London Convention 'Loss

The Times Business, 03 May 2004

THE lack of a world-class conference centre is costing London millions of pounds in lost revenues, one of the UK’s senior accountants has warned.
By Jon Ashworth.

Gerry Acher, who is chairing a mayoral commission investigating the case for a new convention centre in London, said that a landmark venue would assist the capital's re-establishment in the £100 billion market for large international conferences.

Mr Acher said: "We're talking about an icon building that will cater for 3,000 to 6,000 people. The real benefit to London is to pick up the discretionary spend of the business visitor, which is at least double, if not four times that of the pure holiday visitor."

The Queen Elizabeth II Conference Centre in Westminster can accommodate no more than 1,000 people.

Other convention cities, such as Vienna, contribute up to £150 million a year to the local economy.

Mr Acher said: "Twenty years ago, London was the No 1 convention destination. We've dropped from being No 1 in the 1970s to sixteenth.

Mr Acher accepts that funding will be an issue. He said: "First you've got to assess the demand – people who want to come to London but can't – then look at location, and the funding issue. Many cities across the world subsidise their convention centres because they see the benefit in terms of the spend of the business visitor."

Mr Acher's study is expected to be finished in a year. He will then advise the mayor of London whether the project is feasible.

Mr Acher is former London senior partner in KPMG, the accountancy firm.