British firms have yet to take full advantage of the commercial opportunities presented from the London 2012 Olympic and Paralympic Games.

Research from Lloyds TSB highlights that three quarters (73%) of firms report that they have not yet looked into the commercial opportunities provided by the Games.

The report, based on the responses of 800 UK firms, shows that eight out of 10 small and medium-sized firms are yet to take action to tap into the commercial opportunities, compared to 58% of larger firms.

In Wales, eight out of 10 businesses admit they have not yet looked into the business benefits of the Games, while 77% of businesses in the South-West and 61% of those in the West Midlands have overlooked its commercial potential.

Even businesses in the South-East and London where the Olympics will be based have been slow off the mark, with 55% of businesses in the South-East and a third (33%) of businesses in London yet to take advantage.

Truett Tate, group executive director of wholesale and international banking, Lloyds TSB, says: "The London 2012 Games offers one of the biggest business opportunities this country has seen in 50 years."

Regardless of industry or location, he continued, it provides a golden opportunity for UK businesses to expand, diversify and reach new audiences."