The contractors delivering the 2.5sq km Olympic Park need hundreds of subcontractors and met with potential business suppliers from the five Host Boroughs - Newham, Tower Hamlets, Hackney, Greenwich and Waltham Forest - at Leyton Orient Football Club, at a ‘Meet the Buyer’ event.

Over 100 local companies are already involved in supplying the Games and this unique event, organised in partnership with Supply London and East London Business Place and supported by London 2012, aimed to increase local contracts won through the London 2012 supply chain.

Suppliers were able to find out about the range of opportunities coming up and how to compete for them as well as demonstrating to buyers the services they can offer - ultimately bringing them closer to bidding for and winning a London 2012 contract.

The Olympic Delivery Authority (ODA) and London Organising Committee (LOCOG) expect to allocate over £6bn of work as part of an estimated 75,000 future business opportunities covering direct contractors and their supply chains over the coming years.

Latest figures show that of the 946 that have supplied the ODA directly, 500 are based in Greater London (53 per cent) of these, with 121 (13 per cent) operating from the five London 2012 Host Boroughs.

This is an addition to over 4,000 companies across the five Host Boroughs that have registered with the ODA’s CompeteFor website, an online ‘dating agency’ that acts as a brokerage service between buyers and suppliers. Of these so far 23 have won work through the unique service.

ODA Chairman John Armitt said:

'London 2012 is providing jobs and business opportunities at this difficult time for the economy.

'Local companies are already helping us deliver the Olympic Park and this event will help more get involved. Many will also go on to develop long term relationships with contractors boosting economic legacy for east London.

'This is a prime time for host boroughs to get involved as we still have lots of work to place. These benefits are a direct result of hosting the Games.'

Director of Olympic Opportunity at the London Development Agency, which supports both Supply London and ELBP, Geoff Newton, said:

'We want local businesses to have the best opportunity to benefit from London 2012 and 'Meet the Buyer' events like this will help them to forge relations with Olympic Park contractors. Small and medium sized businesses in the Host Boroughs can also access London 2012 contracts online through CompeteFor. We designed the service so that it could be expanded into other areas and the Mayor has accelerated that process in current economic climate. It is now being introduced across the GLA and this includes advertising around £170m worth of LDA contracts each year.'

Mayor of Hackney, Jules Pipe, said:

'My priority is securing the best possible legacy for our borough from the 2012 Games. This includes maximising opportunities for local businesses to secure contracts on the Olympic Park. Events like this are useful as it is very important local firms have the opportunity to meet directly with Games contractors.'

The Mayor of Newham, Sir Robin Wales, said:

'In the best East End spirit, we recognise a good opportunity when we see it and that is why we want to make sure local businesses get the best of what’s coming to them from the 2012 Games.

'We have to support local businesses and we should all be doing everything we can to help them compete for contracts from the Games and the other major developments that are bringing greater prosperity to the area.'

Newham borough to date has won 34 ODA contracts and five through CompeteFor with 832 Newham businesses registered.

Waltham Forest Cabinet Member for Enterprise and Investment Cllr Terry Wheeler said:

'Hosting the Games is a once in a lifetime opportunity and businesses in Waltham Forest need to grab this chance.

'In the current economic climate, it’s evermore vital to boost the local economy. Events like this open the kind of doors that can really make a difference to a small business.'

Greenwich Council’s Cabinet Member for Economy and Skills Cllr Denise Hyland said:

'Greenwich is the only south London borough to host the Olympics. Businesses in Greenwich have the opportunity to reap the benefits of the millions of pounds worth of business opportunities coming into London in the run up to the Games.

'Greenwich Council and its partners are working hard to help businesses make the most of these opportunities and today's event gives these businesses another chance to network and compete for work on the Olympic site.'

Tower Hamlets Olympic Ambassador Waiseul Islam said:  

'I am delighted that more than 1,300 business in Tower Hamlets are registered with CompeteFor and are successfully bidding for Olympic contracts. Local businesses in the borough have already secured 43 contracts directly with the ODA and a further 10 supply chain opportunities with other Olympic Contractors. One of Tower Hamlets key priorities as a Host Borough is to ensure that London 2012 economically benefits the local communities, and these figures indicate that this is being achieved'.

Notes to editors:

1. Download images of John Armitt meeting contractors and potential suppliers at the event:
http://mm.gettyimages.com/mm/nicePath/locog?nav=pr124817691

2. London 2012 business benefits:

- 946 contractors have won work supplying the ODA worth over £3.5bn in total.

- Over two thirds (68 per cent) are small and medium-sized

- 98 per cent are based in the UK.

- Just over half (53 per cent) are based outside of London.

- More than one in ten (13 per cent) is based in the Olympic Park Host Boroughs.

- Over 70,000 companies have registered on CompeteFor, and over 2,500 opportunities have been posted to date. Over 200 buyers are using CompeteFor.

3. How CompeteFor works:

The ODA and LOCOG are advertising their direct contract opportunities online through CompeteFor, which is co-funded by Regional Development Agencies and three devolved nations. Direct London 2012 contractors appointed will be encouraged to advertise their supply chain opportunities through the system. For example all contractors that have been awarded ODA infrastructure or venue contracts are registered as buyers on CompeteFor.

Companies at every level of the London 2012 supply chain will be encouraged to advertise their supplier opportunities through CompeteFor.

After registering basic company information any interested business can view the opportunities advertised. Companies can then complete a business profile, which involves answering a series of simple questions, to be able to compete for opportunities.

A company’s business profile is automatically tested against a small number of minimum standards in areas such as health and safety. If these requirements are not met the company is automatically referred to tailored business support to help improve their performance. This service is provided by Business Link in England and the support services in Wales, Northern Ireland and Scotland.

Once a company’s profile is successfully published on CompeteFor they are automatically matched to opportunities which suit their business and invited, by email, to apply for them by filling out a short, tailored application form. The buyer advertising the contract then selects a shortlist of companies and invites them to formally tender through the buyer’s own procurement system.

Details of the winning bidder(s) are published on CompeteFor and unsuccessful bidders receive feedback from the buyer. Throughout the process local business support agencies are on hand to help companies maximise their chances of success.

 – Ends –

The construction of the venues and infrastructure of the London 2012 Games is funded by the National Lottery through the Olympic Lottery Distributor, The Department for Culture, Media and Sport, the Mayor of London and the London Development Agency.

Find out the latest from London 2012 HQ on our blog.