LORD Coe used an Echo-backed business masterclass to try and reassure local firms fearful of missing out on lucrative deals to supply the £2.37 billion London Olympics in 2012.

Dorset Business chief executive Peter Scott wants assurances that local firms will not simply get "stomped on" by major multinationals in the bidding process.

London Olympics bid leader Lord Coe said: "We want to make sure that we have an arrangement where people can be involved in the small business community and do have the opportunity to benefit from contracts."

Lord Coe was addressing 310 Hampshire and Dorset business leaders at the Leepeckgreenfield Business Masterclass at the Botley Park Hotel. The event was sponsored by the Daily Echo, the Royal Bank of Scotland, the Hampshire-based Royal Yachting Association and Macdonald Hotels & Resorts.

He added: "We want to make sure that it is seen to be transparent and that this process is not nods and winks from people who know people in the organisation.

"We are bound by very strict procurement regulations. We have £750 million to raise from the private sector.

"The opportunities are huge, and the feelgood factor is very important. Those opportunities include supplying everything from refrigeration units, drainpipes and cutlery to merchandising, preparation camps at sports colleges and accommodation."

But he admitted that the question would be better directed to a DTI minister.

Federation of Small Businesses Wessex regional organiser Colin Jamieson raised concerns over the transport infrastructure around Dorset which is hosting the 2012 Olympic sailing events at Weymouth.

Lord Coe said there would be a meeting today involving "representatives from every region at the highest level."

For more details on future Echo-backed Leepeckgreenfield events and keynote speakers, www.businessmasterclass.co.uk

First published: November 4