MIA: Venues cutting margins to keep quality catering affordable

The majority of venues are taking the brunt of the impact of increasing food prices and not passing it on to their customers, according to a recent survey by the Meetings Industry Association (MIA).

The association polled it’s members with the question: “With food prices rising rapidly and already recorded as being up by 20% in the past year have you been forced to reflect this increase in your daily delegate rates?”

Evans: Focusing on very best levels of services

And the results were staggering: 71% of respondents said they had held their prices and reduced their margins clearly indicating that MIA venue members are refusing to compromise on the quality of the food they are offering delegates at the expense of their own profit margins.

Dan Kelly, resident manager from the MIA’s first AIM Silver accredited venue Q Hotels – Norton Park, said: “Currently we have been able to hold our prices, which is clearly good news for buyers. In order to remain competitive and to make sure buyers get competitive rates we cannot pass on every cost we get.

“While food is a major expense for us we are doing our very best to absorb the increased cost and maintain the high standard of our catering.”

Jane Evans, MIA chief executive, added: “The ethos of the MIA is to encourage members to always offer the very best value for money and the highest levels of service, clearly our members are continuing to ensure they do exactly that in spite of the current economic climate.

“I would strongly recommend that buyers seek out MIA accredited venues, recognised by the AIM brand they will be displaying, if they want to ensure great service and excellent value for money.”

www.mia-uk.org