What is a minimum spend?
A ‘Minimum spend’ agreement is most commonly discussed for large bookings and venue hire.
In simple terms; this is when you privately hire a venue or room for free by guaranteeing a minimum amount of money will be spent on the night, by both yourself and your guests.
As an example, if you have £3,000 as your minimum and invite 150 guests; if each guest spends £20 throughout the night, the hire will be free!
Any food and drinks you order from the venue ahead of the event will contribute to this amount also! Should you not quite make it to the threshold by the end of the evening, you can top this up yourself (more often than not: in exchange for goods - so if you are £25 short, make sure to take home a bottle of wine in exchange for it!).