Coventry and Warwickshire is the entrepreneurial capital of England, new figures have revealed.
The latest BankSearch survey has delved into which regions, defined by Local Enterprise Partnership areas, are performing best when it comes to the number of companies being established.
In England, the number of new business starts grew by 1.2 per cent in the year to February, yet in the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) area, it went up by a massive 11.9 per cent – so way above the national average.
And, according to the data, that makes Coventry and Warwickshire the fastest growing area in the country.
When broken down into individual districts, Warwick performed best with a 22.5 per cent increase in start-up activity, followed by Nuneaton and Bedworth which grew by 15 per cent and then Coventry which went up by 14.8 per cent.
There was still healthy growth elsewhere in the region with Rugby (3.7 per cent), North Warwickshire (3.6 per cent) and Stratford (3.2 per cent) all performing better than the national average.
Craig Humphrey, managing director of the CWLEP Growth Hub, said growing a business is a challenge but that help is available.
He said: “These figures bode very well for our regional economy. Of course, everyone knows some of the wonderful names we have in this region – from Jaguar Land Rover through to Holland & Barrett.
“And while they are key to our regional success, smaller companies account for a huge number of jobs and have a major economic impact on our area.
“So to see our LEP area coming out strongest when it comes to business start-ups over the past year is extremely positive news.
“We will continue to create the right conditions for entrepreneurs to flourish and we recognise the challenges involved in starting and then moving a business on to the next level.
“Moving into premises, taking on staff and then dealing with your company’s growth can be daunting and unfamiliar. We are not taught how to run a business at school.
“However, there is a great deal of help in this area – through the local authorities, through the two universities and through business support organisations – to help companies take their next steps.
“Here at the Growth Hub, our team of account managers help to ‘hide the wiring’ when it comes to support and can enlist the help of a range of organisations – in the public and private sector – to help companies move to the next stage of their development.”
For more information on the CWLEP Growth Hub, call 0300 060 3747.