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PRESS RELEASE: Independent Economic Impact Study Demonstrates the importance of the Stag Theatre & Cinema On the Sevenoaks Local Economy

For some time Sevenoaks Town Council has been proud to state that its intervention with the Stag not only enabled a Theatre and Cinema to continue to be provided in the town but also through the visitors to the facility support the economic and tourist benefits for Sevenoaks.  The Town Council has commissioned an independent economic impact assessment [viewable here] to review this a copy of which was considered at the Community Infrastructure Committee.

 

The Executive Summary of the Report states:

  • The Stag attracts around 250,000 to 300,000 visits per annum
  • Total visitor spend is estimated at £9.2m per annum
  • Some spend is captured by the Stag and supports 20 permanent FTE jobs at the venue.
  • The remaining visitor spend, an estimated £7.6m, is captured in the wider local economy, supporting approximately 140 FTE jobs.
  • The Stag is estimated to support a further 18 jobs through its purchasing power.
  • In total, this equates to 179 FTE jobs supported by the Stag.
  • After considering the effects of leakage, deadweight, displacement, substitution and multiplier effects, the total net impact of the Stag is 151 FTE jobs.
  • This equates to approximately £7m of GVA contribution to the local economy.
  • The Stag provides around 6,000 hours of volunteer opportunities for the people of Sevenoaks.
  • The Stag adds cultural value to Sevenoaks as a place to live and visit.

 

Cllr Richard Parry stated:  “The Council welcomed the report that demonstrated the valuable contribution the Stag made towards visitor numbers to the town and the local economy. In particular it was noted that approximately 50% of visitors to the Stag came from outside the town. The Council were also of the opinion that the report demonstrated the benefit of the brave decision made by the Town Council in 2008 to take over the facility”.

Linda Larter

Chief Executive / Town Clerk

21st February 2017