Insider Media Limited

The spending review has claimed its first victim at Nottingham City Council, with spending on the high-profile MIPIM property show axed.

Nottingham City Council leader Councillor Jon Collins said: “Despite the need to showcase the city’s regeneration and development opportunities to encourage investment, the resource and funding is just not available to deliver what has to be the highest standard and quality representation of the city at MIPIM. We have therefore regrettably decided that Nottingham City Council will not attend MIPIM in 2011.

“This is an appropriate time to re-focus on UK events and to build on successful targeted activity such as the Invest in Nottingham Day and London events to mitigate the potential loss of national and international profile.”

Chief executive of Nottingham City Council Jane Todd added: “Having attended MIPIM, I realise the opportunity for public and private sector to promote the city to worldwide investors is invaluable. But unfortunately in this climate, tough decisions have to be made”.

Tim Garratt, director at local commercial property agent Innes England – one of the six main sponsors of Nottingham at MIPIM, expressed his dismay at the news.

Garratt told Insider: “Although we don't know the full details yet, it seems that the city have pulled the sponsorship on MIPIM 2011. The spending review is bound to have an effect on the city's thinking at present and this looks like one of those areas which has suffered. It is a great pity as MIPIM really is the shop window to the world investment market - where Nottingham have been at the front of that window for the last few years. We are looking at ways in which the private sector can make sure we are not shunted into the basement."

Garratt says he is now canvassing opinion amongst other private sector businesses in the city as to whether they should go it alone at MIPIM. He told Insider that there are six major sponsors of Nottingham’s MIPIM team, and that they are trying to pull together an alternative package.

On his blog earlier this week, Garratt said: “I do understand the sensitivities around a spend on a yacht when jobs are being threatened; but the marketing of the city needs to go on. In times of recession it could be argued that we should be prepared to market harder – one day the market will return and the City needs to be ready to take those opportunities that present themselves.

“The team at Invest in Nottingham work tirelessly during the week long show. Sure, I would rather be in Cannes than at the Birmingham NEC – I have never denied this. The atmosphere is conducive to business. And business gets done.

“We need to make sure the world doesn’t think we are closed for business. That would be a disaster.”