The world famous drink Coca-Cola adds roughly £2.4 billion a year to the UK economy, claims a new report from consulting firm Steward Redqueen.
This year Coca-Cola’s largest production plant in Europe, located in Wakefield in northern England, celebrates its 25th anniversary. Against the backdrop of the celebration activities the American beverage producer decided to assess the impact it has on the British economy. Stewards Redqueen, an independent economic consultancy firm based in The Netherlands, was hired to perform the so-called socio-economic impact analysis.
The research from the consultants reveals that every pound of value created by Cocaâ€‘Cola supports an additional £8 elsewhere in the British economy, bringing nearly £2.4 billion annually to the economy. Coca-Cola directly employs 4,000 people in the UK, and with a job multiplier of 1:8, Coca-Cola’s ecosystem is estimated to support a total of 34,500 high-quality, skilled jobs ranging from suppliers and transport to hospitality and retail workers.
The analysis from Steward Redqueen also looked at the origin of the Coca-Cola consumption in the UK, concluding that 97% of its products are actually made in one of the six factories located across Great Britain. “Our research clearly demonstrates the positive impact that Cocaâ€‘Cola has as a genuinely local business in Great Britain, delivering significant value to a broad range of sectors and regions across the country, directly and indirectly supporting job creation and household income," says Ethan Kapstein, author of the research and Associate Partner at Steward Redqueen.
It is not the first time that Coca-Cola has hired Steward Redqueen for advisory services. Last year it ordered the consulting firm to perform a similar economic analysis in Croatia.