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VIDEO: £21m Boost From Falmouth's Tall Ships
7:55am 18th November 2014
Tall Ships brought £21m pounds into Cornwall.
A report is out into the economic impact of the four day event in Falmouth.
It has found for every pound spent by organisers - another twenty-six were generated.
197,000 people poured into the Falmouth area, increasing the average turnover of local businesses by an average of £10,000.
The impact study was commissioned by the main delivery partner of the event, Visit Cornwall, and was conducted by The South West Research Company Ltd to evaluate the value of the event for Falmouth and wider Cornwall.
John Hick, Falmouth Tall Ships Regatta Chairman, comments: “Falmouth has done it again – in the spirit of cooperation and partnership we have delivered a truly outstanding event. There were huge crowds, wonderful weather, the most beautiful ships to look at and everybody was happy, but most importantly the event provided long-term benefits and a lasting legacy. It demonstrated Falmouth’s impressive strength for partnership and it is because of this that the event was the success that it was.”
Falmouth Tall Ships Event Manager, Sam Groom, adds: “These results clearly highlight how well-organised events can deliver significant economic benefits and their importance to community wellbeing in terms of social outcomes.
“Overall 89% of businesses felt that the regatta was of great importance to the image of Falmouth and with the total media coverage valued at over £2 million, the event provided an unrivalled platform for showcasing Cornwall to the world.”
Richard Wilcox, Falmouth BID Manager, continued: “Falmouth certainly knows how to lay on an event! The Falmouth BID was delighted to be an Official Partner with a key focus on funding the economic evaluation of the Regatta so that we could gain an in-depth understanding of how such activity benefits destinations and business - and the evidence is clear. I am very pleased that Falmouth’s businesses capitalised upon and subsequently benefitted from the event.”
Despite the success of the event and the extra money that poured into the economy, the council is planning to stop funding Visit Cornwall as part of a plan to save £200m.
Despite that, Councillor Julian German, Portfolio Holder for Economy and Culture, said: “The Falmouth Tall Ships Regatta is a powerful example of how Cornwall’s unique culture can be embraced to garner significant economic and social benefit. Cornwall’s culture of maritime heritage and community enterprise underpinned the event adding value to the future prosperity of Cornwall.”
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