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. Harvey McGrath, Chairman of the London Development

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 recently.

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 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 the 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.

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."