Micro-businesses in Kirkcaldy are out-performing their peers throughout the rest of the UK, with growth outstripping the likes of tech start-ups in London’s “Silicon Roundabout”.
Research released today by credit data group Experian has named the Fife town home to the best-performing businesses with a turnover of less than £100,000, with 35 per cent considered to be fast-growing. This put Kirkcaldy marginally ahead of second-place Birmingham on 34.7 per cent.
It is encouraging to see entrepreneurs are developing SMEs at such an impressive rateMax Firth
London accounted for three of the top ten areas where the smallest firms are excelling. East Central London, which includes companies based around Silicon Roundabout, came in third at 34.4 per cent, with Ilford and Romford measured 31.4 and 31.2 per cent respectively.
The research follows confirmation in last week’s Autumn Statement that Experian, Equifax and CreditSafe have been designated as points of SME credit information referral. They will now receive SME credit data from designated banks, and will be required to provide “equal access” to this information to “all financial providers”.
Max Firth, managing director of Experian’s business information services in the UK, said the new regulations should further assist small, expanding firms by increasing competition among lenders.
“It is encouraging to see entrepreneurs are developing SMEs at such an impressive rate, particularly in areas which are rarely heralded as growth hubs,” he said. “These businesses will now need support to make the next step, particularly in accessing growth funding.”
Kirkcaldy 4 All, the local Business Improvement District (BID), has 360 members ranging from retailers and care providers to accountants and dentists. While some of the town’s biggest employers have experienced setbacks of late, these smaller firms have banded together to host various events to increase visitor numbers.