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| Chelsea flower show: bankers network among the narcissi | Chelsea flower show: bankers network among the narcissi |
| (4 months later) | |
| It may be home to thousands of carefully tended colourful blooms, but on Monday night Chelsea flower show is where the City hopes to cultivate new business. | It may be home to thousands of carefully tended colourful blooms, but on Monday night Chelsea flower show is where the City hopes to cultivate new business. |
| While the TV cameras will be trained on the Queen's visit and gardening royalty such as Alan Titchmarsh and Carol Klein for the horticultural event's centenary year, big corporates rule the rudbeckias after 7pm. | While the TV cameras will be trained on the Queen's visit and gardening royalty such as Alan Titchmarsh and Carol Klein for the horticultural event's centenary year, big corporates rule the rudbeckias after 7pm. |
| The show's gala dinner attracts some of the top names in business, politics and banking, the highlight of a week of corporate entertainment estimated to raise between £2.5m and £3m for the Royal Horticultural Society. | The show's gala dinner attracts some of the top names in business, politics and banking, the highlight of a week of corporate entertainment estimated to raise between £2.5m and £3m for the Royal Horticultural Society. |
| The British passion for gardening, as well as a chance to catch up with friends and rivals for a good gossip at a central London location, draws an eclectic crowd from politicians such as Michael Heseltine and William Hague, to Ocado chairman Stuart Rose and bankers including Lazard's David Verey. Even at the height of the credit crisis the governor of the Bank of England, Sir Mervyn King, made time to peruse a few primulas. | The British passion for gardening, as well as a chance to catch up with friends and rivals for a good gossip at a central London location, draws an eclectic crowd from politicians such as Michael Heseltine and William Hague, to Ocado chairman Stuart Rose and bankers including Lazard's David Verey. Even at the height of the credit crisis the governor of the Bank of England, Sir Mervyn King, made time to peruse a few primulas. |
| With the event being attended by more FTSE 100 chief executives than any other in the corporate calendar, some US investment banks have been known to fly in their global heads of mergers and acquisitions purely for the networking opportunity. | With the event being attended by more FTSE 100 chief executives than any other in the corporate calendar, some US investment banks have been known to fly in their global heads of mergers and acquisitions purely for the networking opportunity. |
| Philip Remnant, a director of UK Financial Investments (UKFI) and senior adviser to Credit Suisse, which will host guests at the show on Monday, says: "In the current economic environment firms have cut down on the amount of money they spend on corporate hospitality but most will have chosen to give up other options rather than the flower show. It's something that clients and their wives or husbands really enjoy." | Philip Remnant, a director of UK Financial Investments (UKFI) and senior adviser to Credit Suisse, which will host guests at the show on Monday, says: "In the current economic environment firms have cut down on the amount of money they spend on corporate hospitality but most will have chosen to give up other options rather than the flower show. It's something that clients and their wives or husbands really enjoy." |
| While deals are rarely struck among the delphiniums, regular attendees say Chelsea is a good opportunity to catch up with contacts in a relaxed environment. | While deals are rarely struck among the delphiniums, regular attendees say Chelsea is a good opportunity to catch up with contacts in a relaxed environment. |
| As one attendee notes: "Unlike a cocktail party it's hard to get cornered as guests tend to promenade up and down the main track." | As one attendee notes: "Unlike a cocktail party it's hard to get cornered as guests tend to promenade up and down the main track." |
| But sometimes things can get too relaxed. In 2004, Chelsea was in the limelight after a banker claimed he overheard Sir Stuart Rose discussing his potential role in Sir Philip Green's bid for Marks & Spencer with Rosemary Thorne, then finance director of Bradford & Bingley. The alleged conversation took place just two days before Sir Philip announced his bid plans. | But sometimes things can get too relaxed. In 2004, Chelsea was in the limelight after a banker claimed he overheard Sir Stuart Rose discussing his potential role in Sir Philip Green's bid for Marks & Spencer with Rosemary Thorne, then finance director of Bradford & Bingley. The alleged conversation took place just two days before Sir Philip announced his bid plans. |
| The year before, GlaxoSmithKline directors were attending the event when they discovered they had been defeated in a board vote on remuneration. | The year before, GlaxoSmithKline directors were attending the event when they discovered they had been defeated in a board vote on remuneration. |
| This year, the economy may be struggling, but a bouquet of banks have stumped up cash to entertain guests at the show's opening bash including Credit Suisse, Lazard, Deutsche Bank and even government-backed Lloyds Banking Group, which is hosting the 110-seat President's Marquee tonight. In all, 14 companies have hired dinner venues on Monday night and a further 21 will host guests at a garden or flower display. The bailed-out Royal Bank of Scotland – through its Coutts private banking – is also a sponsor. | This year, the economy may be struggling, but a bouquet of banks have stumped up cash to entertain guests at the show's opening bash including Credit Suisse, Lazard, Deutsche Bank and even government-backed Lloyds Banking Group, which is hosting the 110-seat President's Marquee tonight. In all, 14 companies have hired dinner venues on Monday night and a further 21 will host guests at a garden or flower display. The bailed-out Royal Bank of Scotland – through its Coutts private banking – is also a sponsor. |
| This is no cheap deal, with tickets for the gala night costing up to £840 each for the 5,000 people attending, 1,300 of which stay for dinner at further cost. Despite the steep prices, corporate tickets sold out over a year ago. | This is no cheap deal, with tickets for the gala night costing up to £840 each for the 5,000 people attending, 1,300 of which stay for dinner at further cost. Despite the steep prices, corporate tickets sold out over a year ago. |
| The biggest spender on the event is M&G Investments, the insurance arm of insurer Prudential, which sponsors both the show and the gala night and is backing one of the 17 show gardens at this year's event. The financial firm is likely to have spent at least £100,000 on the garden alone and is already booked in to sponsor the show for the fifth year in a row next year. | The biggest spender on the event is M&G Investments, the insurance arm of insurer Prudential, which sponsors both the show and the gala night and is backing one of the 17 show gardens at this year's event. The financial firm is likely to have spent at least £100,000 on the garden alone and is already booked in to sponsor the show for the fifth year in a row next year. |
| Chelsea did experience difficulties finding sponsors at the height of the economic downturn when the RHS was forced to back its own "credit crunch" gardens, but this year the show was oversubscribed with more fully funded applicants than there was space for, according to Stephen Bennett, shows director at the RHS. | Chelsea did experience difficulties finding sponsors at the height of the economic downturn when the RHS was forced to back its own "credit crunch" gardens, but this year the show was oversubscribed with more fully funded applicants than there was space for, according to Stephen Bennett, shows director at the RHS. |
| He said: "The number of applicants and the pressure on space has increased despite the economy and competition from the jubilee and the Olympics last year." | He said: "The number of applicants and the pressure on space has increased despite the economy and competition from the jubilee and the Olympics last year." |
| Bennett insists Chelsea remains popular with corporates because a large amount of business gets done at the show. | Bennett insists Chelsea remains popular with corporates because a large amount of business gets done at the show. |
| However, bankers say the show gardens aren't the most private place to thrash out a deal and Chelsea is mainly a social affair. | However, bankers say the show gardens aren't the most private place to thrash out a deal and Chelsea is mainly a social affair. |
| One banker and regular attendee who declined to be named, says: "I don't understand how some justify entertaining in the chalets, I don't think business gets done. It's about courting and bedding down relationships with people." | One banker and regular attendee who declined to be named, says: "I don't understand how some justify entertaining in the chalets, I don't think business gets done. It's about courting and bedding down relationships with people." |
| But the party doesn't stop on Monday night, M&G alone hosts 2,600 clients, associates and press over the week, part of at least 6,500 corporate guests entertained by companies at the show from Tuesday to Saturday, in hospitality 'chalets' and gardens. The likes of B&Q and Homebase, the DIY and gardening supplies retailers, are clearly there hoping to benefit from hours of TV exposure during the show, with more than 35 million BBC viewers tuning in over the week. For upmarket financial institutions such as Coutts and Flemings, the pay-off is clear cut. But close association with the royal family, many of whom attend the show on Monday afternoon, is likely to be as much of a draw as the TV cameras. With the economy drooping, all the companies involved will hope the show can fertilise new business. | But the party doesn't stop on Monday night, M&G alone hosts 2,600 clients, associates and press over the week, part of at least 6,500 corporate guests entertained by companies at the show from Tuesday to Saturday, in hospitality 'chalets' and gardens. The likes of B&Q and Homebase, the DIY and gardening supplies retailers, are clearly there hoping to benefit from hours of TV exposure during the show, with more than 35 million BBC viewers tuning in over the week. For upmarket financial institutions such as Coutts and Flemings, the pay-off is clear cut. But close association with the royal family, many of whom attend the show on Monday afternoon, is likely to be as much of a draw as the TV cameras. With the economy drooping, all the companies involved will hope the show can fertilise new business. |
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