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Small firms cashing in on 2012 Olympic billions

PUBLISHED: 17:00 12 November 2008 | UPDATED: 13:46 05 October 2010

HUNDREDS of businesses are winning contracts worth billions as a result of preparations for the 2012 Olympics, new figures show. Small and medium-size businesses have won the bulk of work to date, according to the Olympics authority

HUNDREDS of businesses are winning contracts worth billions as a result of preparations for the 2012 Olympics, new figures show.

Small and medium-size businesses have won the bulk of work to date, according to the Olympic Delivery Authority.

They are “well placed to benefit through the difficult economic period” as thousands of contracts become available over the next three to four years supplying goods and services to the Games site at Stratford in East London.

The authority’s chairman, John Armitt, said: “This is the largest project this country has seen for generations which is already winning economic gold’ with millions in work for the Olympics.”

Nearly seven out of 10 of the 801 companies that have already won contracts worth a total of £3.5 billion supplying the Olympics authority are small and medium-sized, 98 per cent of them British firms and just over half in London.

The 2012 Games is generating £6bn in contracts for the 42,500 companies registered for contracts, while the tourist industry is expected to earn £2bn.

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