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|Kirkcaldy and Birmingham are booming for micro businesses|
|Thursday, 03 December 2015|
Kirkcaldy is home to Britain’s best performing micro-businesses and Birmingham takes the number two spot, according to research from Experian, the global information services company.
Businesses with annual sales below £100,000 are thriving in the Fife town, with 35 per cent considered to be fast-growing. Kirkcaldy’s micro businesses are closely followed by those in Birmingham, where 34.7 per cent of companies are experiencing rapid growth.
Experian will receive more credit data from banks on businesses of this size and other SMEs after it was confirmed as a designated credit reference agency (CRA) by the Government in last week’s Autumn Statement. It will provide the commercial credit market with high quality predictive data and increase competition between financial providers.
Max Firth, Managing Director for Experian Business Information Services, UK&I, said: “It’s encouraging to see entrepreneurs are developing SMEs at such an impressive rate, particularly in areas which are rarely heralded as growth hubs. These businesses will now need support to make the next step, particularly in accessing growth funding. After being named as a designated CRA, we will now be able to add data relating to SMEs’ current accounts to our large pre-existing credit database.
“SMEs will be the main winners from the new regulations, allowing them to access a wider range of services in the knowledge their business data is accurately represented and protected. We will be able to help finance providers better assess risk, consider affordability and lend responsibly.”
London areas account for three of the top ten areas where the smallest businesses are excelling. East Central London, which includes technology companies based around the ‘Silicon Roundabout’, is ranked third due to 34.4 per cent of companies being fast-growing, while Ilford (31.4 per cent) and Romford (31.2 per cent) also fall into the high-growth category.
North West rising
Chester is the number one location for companies with annual sales between £100,000 and £1 million, as 37.1 per cent of small businesses in this area can be considered fast-growing. The North West is well represented on the list for small businesses, with Stockport, Wakefield and Bradford also ranked in the top six.
Businesses with a turnover of £1 million to £10 million are also thriving in Wakefield (36.8% of companies considered fast-growing). The seaside locations of Southend-on-Sea, Blackpool and Bournemouth also feature among the top 10.
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