A new report looking into the strengths of the current UK business landscape has discovered the emerging ‘capitals’ of British business - including Brighton.
The report, published by the Lloyds Bank National Business Awards, has highlighted the new business capitals that offer distinct advantages which help drive success and growth within specific specialist sectors.
However, even outside of the five identified areas, there’s still good news right across the UK.
Whilst London is undoubtedly one of the world’s most famous financial hubs, Brighton (start-ups), Birmingham (connectivity), Cardiff (talent), Leeds (affordability) and Plymouth (digital) are the five main newly identified business capitals.
The study, amongst over 850 senior business decision makers, also identifies Bristol (80%), Brighton (76%), Norwich (75%) and Cardiff (70%) as areas with the fastest growth.
Brighton is fast emerging as the UK’s hub for entrepreneurial activity.
The city now boasts the UK’s highest proportion of creative small- and medium-sized businesses relative to the size of the sector. The Brighton and Hove Economic Partnership said: “Brighton has the third highest density of SMEs overall, with 370 per 100,000 of the population and the fourth highest number of start-ups per head of population, with 66.4 per 100,000.”
The average Brighton firm employs just seven people, and impressive startup support networks mean that small businesses in the area have an impressive 87% survival rate meaning more businesses are also likely to have the opportunity to scale up.
Almost a third of Brighton-based decision makers (32%) said that a large number of entrepreneurs are helping to boost business growth in Brighton, and a further 37% said that the large number of startups is the key driver. In addition, 80% of respondents in Brighton think there is enough local talent with digital skills in their area, which is substantially higher than the national average of 48%.
As well as the areas seeing the most business success, the report also found that two-thirds (66%) of senior business professionals find it easy to attract and retain talent, with larger businesses (701-1000 employees) finding it easiest (73%). Further, HR (86%) and technology firms (80%) find talent retention the easiest. Businesses reported competitive salaries (47%), affordability (46%) and young people choosing to stay in the area after university (43%) as the best ways to keep top talent.
The report also revealed the most awarded areas of the UK, with award winning businesses reporting a boost in morale (57%), increase in customer trust (51%) and boost for industry recognition (47%).
According to the number of good quality applicants who reply to job postings, Britain’s best talent locations are, Birmingham, Glasgow, Norwich, London and Leeds.
The Lloyds Bank National Business Awards is now in its 17th year, and is the UK’s most prestigious and independent awards programme. It recognises and rewards enterprise excellence, innovation and also ethical practice in the UK, across all industry sectors.
“Your business has a story to tell – and we want to hear it. We’re committed to recognising and rewarding the best of British business,” said Sarah Austin, Brand Director of The Lloyds Bank National Business Awards
Entries for the awards are now open, push your company into the limelight and give it the recognition it deserves.
Find more information at www.nationalbusinessawards.co.uk.