Cheltenham feels the pinch as corporate bookings fall 20%

CHELTENHAM has long been the gathering place for the elite of the Irish corporate world. But now that closing time has been called on the boom years, the party looks like it’s coming to an end.

Corporate bookings have plunged 20% this year as businesses book fewer tents, boxes, helicopters and restaurant tables.

Festival organisers said firms don’t want to be seen entertaining clients in the midst of the economic downturn when staff are being laid off.

“Companies are watching their budgets these days,” said festival spokes-man, Andy Clifton.

Mr Clinton said the fall-off in corporate bookings won’t have too much of an effect as the festival relies mainly on temporary facilities for corporate entertainment which it can adjust according to the number of bookings it receives.

“We won’t take as much of a hit,” said Mr Clifton who refused to disclose which Irish businesses have already made booking this year.

On the positive side, however, Mr Clifton said 15,000 Irish people are expected to arrive at the festival this year — in line with last year’s figures.

He said the weak sterling means better value than ever for Irish people looking to attend.

“The economy is suffering but a big advantage this year is the exchange rate.

“There’s better value this year than in recent years,” said Mr Clifton.

He also said that as in previous years, four races will be sponsored by Irish companies — Ballymore, Smurfit Kappa, Ryanair and the Irish Independent.

Mr Clifton said bookings for hotels and B&B are still as “tricky” to come by as ever.

This year’s Cheltenham Festival kicks off on Monday March 10.

Close to 230,000 spectators are expected to attend the four -day event, bringing in a gate receipt worth more than €10 million to the authorities.

It’s expected almost €1 billion will be staked on the outcome of the week’s national hunt races, between the 250 bookmakers on the course, the Tote windows, the 8,500 betting shops across Britain and Ireland, online and by telephone.