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SME surge means £5.5 billion boost for Nottingham

  • SMEs to create 10,000 jobs in Nottingham over next five years
  • Enterprises will add £5.5 billion to the city’s economy per annum by 2020
  • City has already seen 19% rise in SMEs and jobs boost

Nottingham is set to see a £5.5 billion annual boost from its rising number of small and medium sized enterprises (SME), which will create 10,000 jobs by 2020.

That is according to a new report for npower Business by Capital Economics. It found that a 19% increase in SMEs in the city has already created a massive 17,300 jobs since 2010.

Nottingham’s success has been underpinned by relatively low business rates and living costs. Good demographics, transport links and broadband connectivity have also helped, with improvements to the city’s workforce skill level potentially generating even more growth. The city has clusters of SMEs in four of the 10 fastest growing industries – office administration, health, financial support services and education, the report added.

Capital Economics highlighted the success of the Creative Quarter in Nottingham, which won a European Enterprise promotion award in 2015 for boosting SME performance in the area. The initiative aims to improve the economic performance of the city by providing business support programmes and access to finance, networks and incubators.

The report found that SMEs currently provide jobs for a stunning 16.8 million people nationally – over 50 percent of all UK employment – and that the top 15 UK cities with the best growth prospects for SMEs will generate an additional £16 billion for the UK economy each year by 2020.

Philip Scholes, Head of npower Business, said: “Nottingham is a brilliant city and the success of its SMEs is an impressive achievement. As this report shows, the opportunity is there for even further growth. We’ve seen growth in logistics, insurance, printing and healthcare enterprises in the city and this is generating a lot of jobs. At npower Business, we are dedicated to working closely with Nottingham’s SMEs to help support the huge contribution that they make to the economy.”

Dale Murray, CBE & Board Advisor at the Centre for Entrepreneurs: “Nottingham’s opportunities for entrepreneurs to start new businesses and to expand existing ones in the city are growing fast and this is fabulous to see. That SMEs have already generated 17,300 new jobs is a testament to this success.

She added: “Affordable business rates, living conditions and workforce skills are all crucial to attracting SMEs. I hope that policy makers continue to build on this success so that momentum for SMEs continue to grow in the city.”

npower Business and Dale Murray will be hosting a webinar on Wednesday 14 September at 11am to share detailed results from the report with SMEs and help them take advantage of growth opportunities. To find out more about the webinar please visit here.

Notes to editors

About npower Business
npower Business is one of the leading energy suppliers to the UK business market, serving gas and electricity to more than 195,000 small-to-medium sized businesses (SMEs). 

Dedicated to helping UK SMEs, by helping our customers better understand and manage energy, we help them to reduce their energy costs and in turn improve their bottom line.

We’re in touch with more than 1000 SMEs and through them, we hear what business owners want from their energy company and the issues they face when running a business.

npower Business is part of npower Group

Find us on Linkedin or on http://www.npower.com/business
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About Dale Murray
After an early corporate career, Dale co-founded Omega Logic, a technology "solution provider" that co-launched prepay mobile phone top-ups in the UK in 2001. She sold her company and began investing in startups, winning the British Angel Investor of the Year in 2011.

She now holds a number of board positions in the public and private sector and was honoured with a CBE in June 2013 by HM the Queen, for services to business. She served on the Business Taskforce for David Cameron, the British Prime Minister, in 2013 for a report on EU Red Tape. Debretts named her one of the "500 most influential people in Britain" in 2015.