Member Article

SMEs flourish in the Greater Thames Valley

The Greater Thames Valley (GTV) is proving a fertile home for entrepreneurs and innovators – with over 36,800 new SMEs launching in the region in the period from 2015 to 2016.

The figures highlighting the scale of SME growth in the region are revealed in a Local Enterprise Partnerships (LEP) report into the economic impact of the GTV - a region that comprises Thames Valley Berkshire, Enterprise M3, Buckinghamshire Thames Valley, Solent, Swindon&Wiltshire, and Oxfordshire LEP areas.

Over 249,800 SMEs were based in the Greater Thames Valley in 2016 – up from 212,990 companies in 2015.

This rapid increase bucks the UK trend for SME growth. Greater Manchester and Birmingham and Solihull - a combined region of comparable size – only attracted 9,220 new SMEs in the same period; a quarter of the amount attracted by the Greater Thames Valley.

Key drivers behind the dramatic growth of SME include a strong digital economy, outstanding levels of connectivity across region, and access to a highly-skilled local workforce.

Significant investment is also helping to propel the region’s economic capability. Major investment streams include a £4 billion investment programme being spearheaded by Basingstoke and Dean Borough Council; £518 million invested by Swindon and Wiltshire LEP to propel local economic growth; while OxLEP oversees a £2.2bn growth programme for Oxfordshire, including £200 million of central government funding - which has supported the creation of 40,000 new jobs since 2012.

These investment programmes are boosting the region’s reputation and showcasing a clear, cohesive and collaborative vision for the future, which is proving highly-attractive to SMEs looking to launch in a location that is conducive to growth.

Major developments across the region’s residential, commercial and leisure sectors are providing small businesses with a boost, while future-proofing the region’s standing as a location with the infrastructure and capability to provide an outstanding home for business.

The GTV LEPs are set to build on this success as they collaboratively promote the region at MIPIMUK as part of a delegation led by UK Property Forums. The delegation will also include representation from political and stakeholder engagement consultancy Development Communications, which creates and delivers targeted communications strategies to support challenging development proposals, and property management software company Locale whose property management portals significantly improve the day-to-day running of a building or portfolio.

The delegation will also include representatives from Heathrow Airport, which sits at the gateway to the Thames Valley property region and is a vital part of the Greater Thames Valley property portfolio. Heathrow is exhibiting the model for the Third Runway Expansion at MIPIM UK this will be exclusively located at the GTV stand. The updated plans for the development include land that will be set aside for commercial developments such as offices and hotels.

The group will promote the economic importance of the region and highlight upcoming regeneration and development schemes to domestic and international investors. This follows the highly successful GTV delegation to MIPIMUK 2016, which was also led by the UK Property Forums.

Tim Smith MBE, Chief Executive, Thames Valley Berkshire LEP, said: “We’re delighted with the results of this report highlighting the growth of SMEs based across the Greater Thames Valley. Businesses based in the GTV benefit from international and local connectivity, outstanding education and research assets, quality housing stock, and high-growth economic hubs . This is an area of the UK that is rich with the skills, facilities, and infrastructure that businesses need to thrive, and it is fantastic to see that the region is punching above its weight in attracting and supporting these companies.

“A critical element of the region’s ongoing success is its appetite for growth and a collaborative commitment to keep innovating and improving to ensure we remain highly attractive to businesses. As such, each GTV LEP has an exciting development pipeline in place and key assets to promote. MIPIMUK 2017 provides a great platform to showcase our region’s existing strengths and our future ambitions and we look forward to promoting the GTV on this key national stage.”

Good transport links are crucial to the success of SMEs, and major national infrastructure schemes, including Heathrow Airport, Crossrail, HS2, Western Access to Heathrow, The Oxford to Cambridge Expressway, and East West Rail are set to build on the region’s already-enviable connectivity.

Meanwhile, the development of flourishing Enterprise Zones at Solent, Oxfordshire, Buckinghamshire, and Enterprise M3 are attracting innovative, world-leading companies in fast-growing sectors including digital media, 5G and cyber security.

Nick Elphick, Enterprise M3 Board member and Chair of the Enterprise Zone Steering Group said: “Enterprise M3 is delighted to be participating in MIPIMUK 2017, as part of the Greater Thames Valley region. We have recently invested a further £10 million to accelerate the pace of development at EZ³ and this will, no doubt, attract more businesses to the Enterprise M3 area, which aside from London, is already home to the largest concentration of foreign owned companies in the UK.” Nigel Tipple, Chief Executive of OxLEP, said: “It is our role to champion the county’s economic potential and drive dynamic growth. We believe Oxfordshire offers an attractive long-term proposition for investors – both nationally and internationally – and hope to generate strong interest in the county at the event. MIPIM UK gives us an excellent platform to promote the variety of investment opportunities available in Oxfordshire.”

Matthew Battle, managing director of UK Property Forums, said: “The GTV is an economic powerhouse that benefits from outstanding, forward-thinking collaborative leadership that has enabled the region to build on and make the most of its intrinsic assets and continue to be the most attractive region to do business in the UK.

“As we know, SMEs are the lifeblood of the UK economy and as these recent figures attest, the Greater Thames Valley is providing just the right kind of environment for these ambitious, growth-focused businesses to thrive. We’re looking forward to showcasing all the Greater Thames Valley has to offer at MIPIMUK 2017, and attracting even more SMEs to this exciting, strategic region.”

This was posted in Bdaily's Members' News section by Maria Carr .