CBI says it has financial backing for return of flagship summit
The Confederation of British Industry (CBI) has insisted it will have financial backing for its annual flagship summit next month as it returns for the first time since the group nearly collapsed last year.
The business lobbying group, which came close to bankruptcy following a sexual misconduct scandal, claims to have secured more sponsors for its conference next month than the two currently announced, The University of Exeter and confectionery firm, Pladis,
“More speakers and sponsors have been confirmed and will be publicised in due course in the build-up to our conference,” a spokesperson told CityAM.
It marks the return of the event after it was shelved last year as the group grappled with a collapse in its membership and revenue. A flood of companies quit the body to distance themselves from the sexual misconduct allegations.
Although the group has begun to regain some of its influence in recent months, with firms like Natwest and KMPG reinstating their membership, the state of its finances reportedly remains shaky.
The group is dependent on a multimillion-pound overdraft from several high street banks and has been exploring subletting its office space to offset costs, Sky News first reported.
A spokesperson said it is “exploring ways to offset costs by making space available to trade associations and firms we represent”, after hybrid working had freed up space in the office.
“When leases come up for renewal, we will consider what makes best sense for our organisation,” the person added.
The group significantly scaled back its operations last year, including cutting its headcount and shutting most of its global offices.