Highest levels of business growth recorded in London
London topped the UK’s regional league for business growth, while all 12 regions experienced an increase, according to the latest data from Lloyds Bank.
Northern Ireland also performed well in the regional purchasing managers’ index, compiled by the data company Markit.
The overall average for growth was at a five-month high, while the weakest levels of growth were found in Scotland, Yorkshire and Humber and the West Midlands.
The index measures overall business activity on a month-by-month basis, with the April index figure at 59.2, up from 57.8 in March – both ahead of the 50 mark that separates expansion from contraction.
London has seen a slow rate of employment in the three months to February, according to the Office for National Statistics – rising by only half the national average of 2.3%.
Tim Hinton, Lloyds’ head of small and medium-sized enterprises, suggested the “robust increases in output and employment are pointing to a broad-based upturn in business activity nationwide as confidence in the recovery takes hold more widely”.
Considering routes to growth and expansion
Confidence among many businesses is booming, leading many companies to consider possible routes to boost growth.
Businesses located in poorer growth areas may consider relocation in order to drive greater levels of expansion, but such a move is not without risk.
Should relocation not go as planned then company insolvency could be the result, although a failure to act could also result in a similar outcome if a company is struggling financially.
The key in these instances is to act quickly, ensuring that any potential losses are stemmed before they become too great and giving administrators more time in which to find solutions.
A number of options are available to companies in these situations and guidance can be sought on the best route of recovery as financial issues do not always have to result in liquidation.
Other insolvency methods can be sought, especially in instances where cash flow issues and financial problems are spotted in their initial stages.
By Phil Smith