Thames Gateway’s SMEs get new business support service
Date: 27 October 2008
Small to medium businesses (SME) in 10 London Thames Gateway boroughs are being given more opportunities to win contracts with corporate and public buyers as well as major developers through the East London Business Place (ELBP), a new initiative officially launched today.
ELBP provides a bespoke service - sourcing and matching local suppliers to the purchasing needs of buyers and offering business support, resulting in many SMEs being given the opportunity for the first time to pitch for contracts. It targets micro and small to medium enterprise in the broader east London area and buyers across all industry sectors to achieve maximum economic benefits for businesses in East London.
The London Development Agency (LDA) has brought together the Canary Wharf Group plc and East London Business Alliance in a unique partnership of the public and private sectors to improve the prospects for London’s small and medium sized businesses. East London Business Place will provide face to face business support, events and training that will compliment the LDA’s other small and medium sized support services such as CompeteFor – the online dating agency for Olympic and LDA contracts.
ELBP also has a dedicated buyer engagement team that is currently sourcing opportunities from over 70 buyers. Prior to today’s official launch it had already brokered 160 individual contracts ranging from small purchase orders from £100 to contracts of over a £1million resulting in a significant direct economic impact to the local business community.
Borne out of an established private sector network, ELBP derives from Canary Wharf Group plc's Local Business Liaison Office which has a longstanding and strong track record of business procured. To date the Local Business Liaison Office has secured £532 million of procurement achieved locally since March 1997, comprising of almost 10,000 individual contracts or purchase orders, 84% of which were up to a value of £10,000 – and therefore accessible to small to medium enterprises.
East London Business Place works with a range of LDA funded business support initiatives such as Business Link London, Supply London and CompeteFor to build on its range of advice and guidance for small to medium sized enterprises.
Gay Harrington, Director, ELBP said:
“As a team we have an excellent track record in procurement and I am so pleased to lead on this local procurement initiative. Local business growth leads to a richer local economy and more jobs for local people.”
Harvey McGrath, Chairman of the London Development Agency, said:
“The East London Business Place is an example of how the LDA is bringing together both the public and private sectors to help local businesses win contracts. We want to encourage a level playing field so that London’s small to medium sized businesses have the right skills, processes and contacts to make the most of tens of thousands of opportunities available in the next few years.
“We have expanded an already successful business model to offer this unique opportunity to the Thames Gateway. I am delighted that after only six months the East London Business Place has helped secure millions of pounds worth of contracts for local businesses and expect more to follow in the coming years.”
Liam Kane, Chief Executive, East London Business Alliance (ELBA): “ELBA is an alliance of 120 City and Canary Wharf companies all of them determined to help in the regeneration of east London. With that level of support I am absolutely convinced that East London Business Place will be the place to go to for local procurement and local supply chain brokerage.”
George Iacobescu, Chief Executive of Canary Wharf Group plc, said: “For a number of years Canary Wharf Group has promoted the wider economic and social regeneration of East London. We are delighted a scheme that we successfully pioneered in the local area is now being rolled-out across the Thames Gateway. The local economy will be stronger because of East London Business Place and it makes good business sense for other major buyers to get behind the initiative."
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For further information on ELBP please contact: Naomi Galt at FD Tamesis on 0207 269 9351 or naomi.galt@fdtamesis.com or Tilly Shirlaw at FD Tamesis on 0207 269 9351 or tilly.shirlaw@fdtamesis.com.
Notes to Editors
East London Business Place:
The East London Business Place is a free local procurement and business support programme that operates across the 10 London Boroughs in the Thames Gateway. ELBP’s partnership approach with the Thames Gateway boroughs combines local knowledge and expertise to contribute towards the overall economic development and regeneration agenda of each locality.
Borne out of an established private sector network, ELBP provides business opportunities for companies, focusing on SMEs, contributing to the long term legacy for East London. ELBP’s partners are the London Development Agency, Canary Wharf Group plc and East London Business Alliance.
ELBP works in the following boroughs:
- Barking and Dagenham
- Bexley
- Greenwich
- Hackney
- Havering
- Lewisham
- Newham
- Redbridge
- Tower Hamlets
- Waltham Forest
London Development Agency:
The London Development Agency works to improve quality of life for all Londoners and drive sustainable economic growth.
The LDA is helping deliver an Olympic legacy now. This work includes helping Londoners access skills, job and businesses opportunities through projects such as the Opportunities Fund, Personal Best and CompeteFor. The LDA has also developed three state of the art business parks in Beckton, Leyton and Enfield for businesses relocating from the Olympic Park site.
All LDA contracts are being issued through CompeteFor with the exception of opportunities tendered through an existing panel of suppliers set up according to public procurement rules. The £170 million estimate of LDA contracts available to tender is based on 2007/2008 direct spend on goods, works and services only.
Canary Wharf Group plc:
Canary Wharf Group plc manages the Canary Wharf Estate. Since 1987 it has constructed more office space in London than any other developer. It has also led the way in private sector led social and economic regeneration through its Local Business Liaison Office.
Local Business Liaison Office:
Set up in March 1997 it offered a free service set up by the Canary Wharf Group plc to maximise opportunities for local companies.
East London Business Alliance (ELBA):
With 18 years of experience in bringing business skills and private sector volunteers to the East End, ELBA is a leading economic and social regeneration agency within the area. With over 7,500 volunteers in the year ended 2006/07, ELBA’s 125 City and Canary Wharf companies are helping to make a difference in East London.
ELBA brings time, skills, influence and resources from the private sector to help build the capacity of local organisations and regeneration programmes, primarily in Tower Hamlets, Hackney, Newham and now in the Thames Gateway north of the river. ELBA works in partnership with key stake-holders in each borough to identify needs and issues ranging from employment and health to social enterprise support and ensures the private sector brings its human and other resources to bear.
