By Daniel Hunter

Research from the Federation of Small Businesses (FSB) in London found that over half (55 per cent) of small businesses that won Games contracts experienced growth, with many companies taking on staff and growing their businesses. And nearly a third (28%) have seen a higher level of skills within their company as a result of winning the contract.

However outside of London and the South East, the FSB has seen a mixed outcome for many small businesses despite the feel good factor at the start of the Games. Indeed whilst Weymouth benefited from the games other parts of the country failed to grab a piece of the Olympic magic.

"The Games were a tremendous spectacle for the UK, however, a year on it's difficult to say what the true economic legacy is for micro and small businesses," Mike Cherry, National Policy Chairman, Federation of Small Businesses, said.

"Out in the nations and regions we found that the effect of the Olympic and Paralympics for small businesses didn't materialise as much as had been hoped. Some businesses certainly did benefit from the games with really good contracts, but for others it just didn't happen."

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