London bound British entrepreneurs and business people without a base in London are spending nearly £6,000 a year to pass the time between meetings, according to London's leading business members club and meeting space, The Clubhouse.
The research found that entrepreneurs are spending an average £5,824 a year at cafés, hotel lobbies, bars and restaurants, adding up to three hours a week or 156 hours a year in lost working hours.
Whilst recent innovations in mobile technology and cloud computing allow people to work and meet in a more flexible way, contributing to a significant growth in ‘cappuccino commerce’, The Clubhouse’s research showed that in an average week, entrepreneurs spend around £700 a week in London (excluding travel) of which 16% is deemed unnecessary and simply to pass time in between meetings.
Overnight accommodation is the biggest weekly cost at £382.84, someway ahead of dinner in second at £132.58.
Top expenses (excluding travel):
Accommodation - £382.84Dinner - £132.58Taxis - £58.04Lunch - £49.14Breakfast - £20.72Snacks - £20.50Coffee - £16.06Teas - £14.00Newspapers/Magazines - £7.40
Adam Blaskey, founder and CEO of The Clubhouse, said: “London is the epicentre of British business and entrepreneurship. Our research has identified a growing trend in the number of entrepreneurs and business people coming to London to do business but who are currently squandering large sums of money and wasting valuable time in often uncomfortable, noisy and expensive locations. This is exactly why we launched The Clubhouse: to provide a professional, business focused alternative in which to work or meet all of your business contacts such as clients, colleagues, investors, suppliers and partners.