Midlands is best cost effective location in UK to base your SME

midlands uk business

A new survey highlights the strengths of the Midlands as a place to start and grow a business.

For example, the research shows that SMEs in the region spend an average of £597,277 on annual rents – £43,670 less than the UK average cost of £640,947.

Nearly half of the Midlands-based respondents cited the region’s transport links as a key reason for their location, while two in five said their location meant they benefitted from attractive commercial property rents.

The survey also found ample appetite among businesses for expansion plans this year. When asked what they would use extra capital for, 20 per cent of Midlands-based SMEs said they would use the funds to diversify their business – compared with just 13 per cent of similar sized businesses in the rest of the UK.

A separate Barclays survey recently found that Coventry and Leicester are two of the best places in the UK to start a new business. The bank also last year launched an Eagle Lab in Birmingham, which offers growing firms access to office space and business mentoring support.

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