Tall Ships Regatta Boosts the North East Economy

Here at Hurren Accountants, we love local business success stories and thanks to our work with a host of companies and sole traders across the North East, we get to hear them first hand very often. One event that is always a triumph is the Tall Ships Regatta, and this year it made its way along the coast and even past our base in Whitley Bay to provide a great boost for the North East economy as a whole.

The event

Taking place at Blyth Quayside from Friday 26th to Monday 29th August, Tall Ships Regatta 2016 provided the perfect destination for some bank holiday fun. In fact, thousands of visitors travelled from near and far to witness the landmark event and the majestic tall ships in action. Now on their way to Gothenburg, before their departure visitors had the chance to experience life on-board for themselves and as well as exploring the ships’ interiors in person there was a plethora of activities to celebrate their weekend stay over in Blyth, including live music, street theatre, fairground rides, evening performances and firework displays.

Saturday also saw the carnival come to town with some 1,000 people involved in making the entire event a magical and memorable experience for all the family. The event came to an end on Monday afternoon as the tall ships departed the Port of Blyth in an awe inspiring parade of sail, a worthy fanfare as the ships preceded down the coast towards St Mary’s Lighthouse and set off on their 500-mile race to Gothenburg, the second largest city in Sweden.

Local impact

Whilst it’s still early days, the impact that the Tall Ships Regatta has had not just on Blyth but the county as an entirety is no doubt a big one. Prior to the event, it was estimated by Northumberland County Council that the regatta could boost the North East economy by more than £8 million, and after 9.3 million people visited Northumberland in 2014 and contributed £765 million to the economy this appeared to be a more than realistic projection. Tall Ships actually brought £15 million to the local economy over the four-day period.

As well as local businesses, like our clients, throughout the North East profiting, the presence of a national and even international audience at the Tall Ships Regatta will have a direct impact on the jobs market. In 2015 alone, 11,591 jobs were created as a result of tourism. The exposure that local businesses throughout the region have had is also likely to provide an enviable financial boost.

Has your company seen an increase in business thanks to tourism, or more specifically the Tall Ships Regatta? Find the accounting support you need to balance your books by contacting us today.