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€25m spent on failed tenders

Irish businesses spent €25m this year compiling proposals for tenders that were never awarded, new research shows.

The survey also shows that 30pc of all procurement activity in Ireland - amounting to €2.7bn - occurs below a financial threshold where it needs to be publicly advertised.

The findings have emerged from the TenderScout annual survey. The results also show 28pc of incumbents manage to retain public sector contracts.

Tony Corrigan, chief executive of Dublin-based TenderScout, said incumbents are not "sure-fire winners" when it comes to tendering for contracts.

"Incumbents are best-positioned to retain contracts, but this result suggests that they are not capitalising on their position," he said.