Why the Events Industry in the UK is Built for Growth Over the Next Two Years

The media reads a story of doom and gloom, with large corporations and institutions threatening to leave UK for countries that exhibit appealing levels of certainty and stability. 

The current state of Brexit leaves our industry (event and hospitality) in a cloud of uncertainty not dissimilar to the recession in 2008, where corporations and private clients are holding on to their money, tucking it away to see what the outcome is, that said it is not all doom and gloom!

In the UK we have a rich history in celebratory events that have happened year in year out regardless of wars, recessions or the UK’s movement within the European Community. 

Events such as Henley Regatta, Chelsea Flower Show, Goodwood, Ascot, Oxford/Cambridge Boat Race etc will never be absent from the British culture. They exist not only for the wellbeing of our heritage, but also hold commercial importance. 

Money will Still be Spent

The corporations that are spending know they are in a buyers’ market. The bigger caterers and event suppliers are in better positions to discount and offer package prices. On the other hand, smaller “boutique” companies such as The Recipe struggle to compete with bigger companies. There is also the question of brand image, reputation and protection. For us, it is important to remain true to our brand and the market place that we are in.

In my opinion this particular time is only temporary (a matter of months as opposed to years). As mentioned above, the companies and private firms that are currently holding on to their money will still spend it on events. The reputation of London being one of the worlds most important city both commercially and culturally, will remain long after the UK has left the EU.

Event’s aren’t going to Disappear

Events must happen and will happen. There are over 1 million registered companies in London that employ over 300,000 people. Companies need to network and market their products, need to exhibit, and need to recognise their employees. 

These needs manifest themselves through events, exhibitions, awards ceremonies, product launches and staff parties (both summer and Christmas). All these events need full hospitality services.

Depending on the requirement of each event and the company hosting the event, we become one of two things. The first is simply a quality caterer supplying the provision of food and beverage. The second is a partnership type of relationship. We (The Recipe) become intrinsic to the direct outcome of the event, we become a brand extension to the company’s own brand. Understanding what is required is a balance that has to be interpreted according to each client, and on occasions we must have the confidence to advise accordingly.

In regard to the private sector, weddings and parties will of course continue to exist.

Event’s are Constantly Developing

The Recipe inputs significant amounts of importance to the role of event managing. We are regarded as a company that delivers more than just food and beverage; we are looked upon for a complete event delivery. This role can develop more and more beside the client’s confidence in our expertise. 

The events industry is thriving albeit the Brexit hick up, London is constantly developing. The food and beverage industry is currently the most interesting it has ever been. In my opinion the need for events to happen is paramount, they are a direct indication that we (corporate companies, private clients, sports events, historic events the UK) are okay!

Events deliver instant gratification not only through the direct event mission and of course the delivery of the event, but they shine a spotlight on commercial wellbeing of our economy. I’m no economist, however, when the economy gets a scare, people refrain from spending.

Conclusion

Companies and people are and will spend, the events industry continues to promote itself, when amazing events happen in London and UK, the global industry talks and the spotlight shines again.

Long live events!

By Dan Johnson Allen, Director of The Recipe