New research reveals that Yorkshire has some of the fastest growing small businesses in the UK, despite the ever-growing pressures caused by poor consumer confidence and the risk of a triple dip recession.
Suzy Brain England, of the Institute of Directors, said the findings were a testament to Yorkshire entrepreneurs’ strong work ethos, sound financial management and their ability to revolutionise.
The study, which was carried out for the benefit of the Business Growth Fund (BGF), reveals that the highest regional UK SME growth levels have been listed in Yorkshire and the Humber.
According to the latest Experian research commissioned by BGF, 17.8 per cent of medium-sized SMEs based in Yorkshire are demonstrating high levels of growth despite the challenging economic conditions.
According to BGF, this equates to 269 high-growth businesses in our region, and is a 2.6 per cent increase on the 231 high-growth businesses identified in Yorkshire and the Humber at this point last year. These companies have demonstrated a combined growth of at least 33 per cent in the last three years.
Only London, where 19 per cent of medium-sized SMEs are classified as high growth, exceeds Yorkshire.
Regional director for BGF in the North of England, Andy Gregory, said: “This data is encouraging. It shows that despite all the wider challenges posed by the macro-economic climate there has been more SME growth in Yorkshire and the Humber and across the UK as a whole.
“However, for real economic recovery, we need these growth figures to be higher and more broadly based. We need to see heightened levels of ambition and investment among business owners.”
Ms Brain England was optimistic about the positive Yorkshire figures.
She said: “For some time now, Yorkshire has tended to buck the national trend as SMEs, many of them family firms, have employed sound fiscal controls and the hard work ethic, to move their businesses slowly forward.
“It hasn’t been easy and there have been many setbacks, but slowly we are starting to see that the hard working, fiscally sound organisations, that operate with due diligence at all times, are thriving.
“Closer inspection will probably reveal that they have reinvested in their people, and invested in research and development, and their management, to bolster their offering.”
BGF is an independent corporation with capital of up to £2.5bn, supported by five of the UK’s main banking groups, including Barclays, Lloyds, HSBC, RBS and Standard Chartered. BGF is governed autonomously with an independent management team.
BGF opened a new office in Leeds earlier this year, as it seeks aspiring local entrepreneurs who need investment.
No related posts found for this post.
