London’s Tech City has denied that is it to be managed by the Mayor’s official promotional organisation for London, after reports emerged on Friday suggesting responsibility for the quango was going to change hands.
Start-up publication Tech City News claimed this afternoon that the London aspect of Tech City was going to be passed on from Tech City UK to London & Partners in the next financial year, citing government sources familiar with the matter.
Tech City UK denied the reports, with a spokesperson saying: “Responsibility for the Tech City initiative remains with Tech City UK. London & Partners has an FDI (foreign direct investment) remit for the whole of London.
"Tech City UK will continue to work closely with them to promote London as the destination of choice to digital technology businesses and investors. This work forms part of the wider remit of Tech City UK to build and champion the UK tech and digital sector.”
A London & Partners spokesman said: “London & Partners has already had great success in attracting new tech firms to London by emphasising the city’s strengths – a strong talent base, great access to markets, and supportive government policy.
"Tech City is of course a key part of the message that we take to investors, and we look forward to continuing to promote the region, as well as London as a whole, to the outside world.”
The reports come on the same day that Tech City UK CEO Joanna Shields announced she is stepping down to make way for Blackberry marketing executive Gerard Grech.
London & Partners is a not for profit organisation designed to promote London on the world stage. It is funded by the Mayor’s office and commercial partners and aims to help London firms secure investment and forge business partnerships.
Tech City UK was launched by David Cameron three years ago as the Tech City Investment Organisation (TCIO) in a bid to attract foreign investment and shine the spotlight on East London's burgeoning tech scene, largely centred around Old Street in Shoreditch.
The organisation has had a number of early wins in the form of Google Campus setting up shop in Shoreditch; Amazon and Facebook opening large development centres in Barbican and Covent Garden respectively; and the introduction of a number of policies designed to support tech start-ups in London.
More recently however the organisation has been focusing on championing and supporting Britain as a whole as opposed to companies based in London.