Agencies survive Christmas party cancellations
, 06 January 2009
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Christmas party cancellations had little impact on agencies, according to AOK Events
Christmas party cancellations did not leave agencies out of pocket, says AOK Events.
AOK Events managing director Alex Hewitt said that cancellation fee terms and conditions had probably saved agencies from financial losses when corporates axed Christmas parties last year in the wake of the credit crunch.
"Because the credit crunch happened so late in the year, under the terms and conditions that the majority of agencies operate, some of them would have made money from events being cancelled," said Hewitt.
He said that AOK Events ran Christmas parties for 5,000 delegates from about 30 companies, which was down on the anticipated 7,000 delegates projected earlier in 2008.
Most of the cancellations were in the banking, financial and City recruitment sectors.
"Annoyingly, the banks cancelled not because they suddenly ran out of money, but due to fears of negative PR," said Hewitt.
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