Firms 'miss £21bn Olympic boost'

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Businesses in London are missing out on £21bn as they are yet to take advantage of the chances provided by the London Olympics, a report has said.

About 63% of companies believe the 2012 Games will have a positive impact but 64% of firms have not yet looked into the opportunities around the event.

The report by Lloyds TSB said the Olympic Delivery Authority has already awarded contracts worth more than £1bn.

And half of those contracts have been won by businesses outside London.

Despite this, the report said only 31% plan to take any action within the next 12 months.

The London 2012 Games offers one of the biggest business opportunities this country has seen in 50 years Lloyds TSB's Truett Tate

The research also revealed that almost half (43%) of respondents feel they need further support and guidance on how to take full advantage of the business benefits.

In response, the bank, a major sponsor of the London Olympics, launched the Official Business Guide for London 2012 on Monday.

Truett Tate, of Lloyds TSB, said: "The London 2012 Games offers one of the biggest business opportunities this country has seen in 50 years.

"Regardless of industry or location, it provides a golden opportunity for UK businesses to expand, diversify and reach new audiences."

Sebastian Coe, Chairman of The London Organising Committee of the Olympic Games, which is organising the Games, said: "With over £6bn of contracts available, businesses need to act now to make the most of the opportunities available between now and 2012."