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September 16, 2015
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UK: Venues Must Invest in Era of Over-Supply

David Pegler, CEO of ExCeL London, says the sheer volume of meeting and event capacity across Europe means venues must invest or be flattened for something more profitable.

ExCeL has invested around £5 million each year since 2012 in order to maintain its place in the marketplace, which Pegler says is suffering from a problem with over-supply. “We have too much capacity, there are too many venues everywhere,” he said. “The majority of venues in the UK run at less than 30 per cent occupancy, and that is not a good business model. We have to continually invest.

“You look at somewhere like Earls Court which has been closed and the land used for something far more profitable because it only had 18 per cent occupancy; or in North America, there are a number of venues that are very difficult to fill, and they are being repurposed as a result. Customers of the large events are becoming more discerning.”

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