Our research* has found Romford, a North East London town, is leading the way in the SME market and showing strong growth in business sales and numbers. It ranked the highest in terms of percentage of fast-growing companies and increase in the number of incorporated businesses.
The number of companies registered in Romford has increased by 10 per cent in the past year with three in every ten (30 per cent) being amongst Britain’s fastest growing. Six of the top ten prospering areas in the UK are within the M25 with Romford being followed by North London, Ilford and East London. Areas outside the capital that are also prospering and feature prominently on the list are Motherwell, Luton and Warrington.
There are other areas in Britain that have experienced rapid growth in start-up numbers but aren’t considered prosperous enough due to them having a below average percentage of fast growing businesses. Leeds’ business population growth is the highest in Britain at 12 per cent but only 24 per cent of its companies are considered fast-growing which is below the national average. Leeds is one of the cities within a so called ‘incubation belt’; these are areas in the UK where there’s been success in creating an area for businesses to form and survive but not enough factors to help drive and accelerate their sales growth. This incubation belt stretches from Northampton to Bradford including cities such as Nottingham, Wolverhampton and Sheffield.
Max Firth, Managing Director for Experian Business Information Services, UK&I, said: “There’s a lot to admire about cities and towns which have created an environment where start-ups can be created and businesses can survive. But with the economic downturn now behind us, places which we have highlighted as incubators will want to take the next step to increase prosperity.
“Start-ups will need support to become engines of growth in their local economies if prosperity is to be achieved. These businesses will maximise their chances of achieving rapid growth by checking customers are in a position to settle invoices promptly and by finding new clients at home and abroad.”
Experian Business Express has recently launched a new product specifically for start-ups to check their customers and suppliers are in a position to settle invoices promptly. Go and find peace of mind for less than a piece of cake.