"The Northern Powerhouse is a great initiative for showcasing the business prowess of the north and the data shows that investments therein are supporting business growth."
Chris Robertson, UK CEO
Yorkshire-based businesses are amongst the richest and most risky in the country, according to new figures released by a UK company credit checking specialist.
The stats, revealed by Creditsafe as part of its annual UK Business Performance Report for 2019, found that businesses in Yorkshire and the Humber had the highest average value of liabilities in England (outside of London) at £7.23 million within their data sample set, suggesting a higher prosperity for investments and a greater acceptance of risk. The South East had the next highest average liabilities at £6.5 million followed by the West Midlands at £4.9 million.
Yorkshire and the Humber also had the second highest average value of cash in the bank in England outside of London at £632,000, behind the North East at £749,000.
Speaking of the findings, Sean Mallon, CEO and founder of Yorkshire based business Bizdaq, said:
"With the UK’s fastest growing city labelled as Leeds, it’s understandable that some of the world’s biggest businesses are choosing to move their headquarters to Yorkshire. And, it’s no surprise to me that Yorkshire should be considered as a location for business – the list of benefits are extensive.
“Yorkshire is the largest contributor to UK GDP in the Northern Powerhouse and reportedly has the fastest growing young population outside of the South East. The region is also easily accessible to the rest of the UK via the M62, rail and the development of HS2, air, and high-speed internet, making it the ideal location for relocating, starting-up a new venture or buying an existing business."
On a city/town level, Leeds-based businesses have the highest average net worth in Yorkshire at £6,031,883, with York taking the title of highest average cash in bank value at £3,389,051. Aside from London, York is the city with the highest value of liabilities at £44,133,606.
The full report can be found here: https://www.creditsafe.com/gb/en/more/hub/newsroom/uk-business-performance-report.html