IT’S official – Falmouth Tall Ships Regatta was a huge financial success, pumping almost £21 million into the local economy and leaving long term benefits and a lasting legacy.

An impact study released this week revealed the four day event provided an economic boost of £20.9 million in associated spend, with £10.5 million directly attributable to the regatta.

Between August 28 and 31,197,000 people flooded into Falmouth to view the ships and soak up the atmosphere which led to the turnover of local businesses increasing by an average of £10,000. Forty per cent of businesses extended their opening hours and almost half took on more staff.

Overall, the regatta returned £25.89 of additional money into Cornwall’s economy for every pound invested.

Regatta chairman, John Hick, said: “Falmouth has done it again - in the spirit of cooperation and partnership we have delivered a truly outstanding event. There were huge crowds, wonderful weather, the most beautiful ships to look at and everybody was happy, but most importantly the event provided long-term benefits and a lasting legacy. It demonstrated Falmouth’s impressive strength for partnership and it is because of this that the event was the success that it was.”

Event manager, Sam Groom, added: “These results clearly highlight how well-organised events can deliver significant economic benefits and their importance to community wellbeing in terms of social outcomes.

“Overall 89 per cent of businesses felt that the regatta was of great importance to the image of Falmouth and with the total media coverage valued at over £2 million, the event provided an unrivalled platform for showcasing Cornwall to the world.”

The impact study was commissioned by the main delivery partner of the event, Visit Cornwall, to evaluate the value of the event for Falmouth and Cornwall. Financially supported by the Falmouth Business Improvement District (BID) the survey is based on the results of over 1,300 on-site, face-to-face surveys with people at the regatta, a post-event online survey by some who had attended and an online survey by local businesses based in Falmouth.

The report shows that for 66 per cent of people, the regatta was the main reason for choosing to visit Cornwall and with satisfaction levels at an impressive 4.73 out of five, the event inspired 97 per cent to visit Falmouth or other parts of Cornwall again.

Falmouth BID manager, Richard Wilcox, said: “The Falmouth BID was delighted to be an official partner with a key focus on funding the economic evaluation of the regatta so that we could gain an in-depth understanding of how such activity benefits destinations and business - and the evidence is clear.

“I am very pleased that Falmouth’s businesses capitalised upon and subsequently benefitted from the event.”

Organisers of the regatta are now waiting to see if they take the Large Event of the Year title at this month’s UK Event Awards. The Falmouth Tall Ships Regatta is among five finalists with the winner due to be announced on November 28.