A quarter of London’s businesses are based in West London’s progressive boroughs and the number is set to increase, according a prominent body representing businesses across the region.
The latest data shows in just four years there has been a 21 percent rise in the number of businesses ranging from SMEs to multinationals in Ealing, Brent, Barnet, Hammersmith & Fulham, Harrow, Hounslow and Hillingdon. The seven boroughs boast a combined economy of more than £73 billion, making it the second largest in the UK.
Home to a range of creative industries and a host of globally renowned brands that are leading in the world of aviation, biopharma, entertainment and food and drinks, the sub-region’s growth potential for businesses will continue as a result of the progressive regeneration and development plans that are driving investment in housing and infrastructure. Projects in the region include HS2 and the Old Oak Common Station upgrade, which alone will create homes for thousands There are also major plans for commercial and creative schemes such as Yoo Capital’s 1bn redevelopment of Olympia.
In 2014 there were 99,910 businesses in West London, now there are now more than 120,000. Almost a quarter are less than two years old, which is two percent above London’s overall number and 6% above the average for new businesses in England, according to West London Business.
In its role supporting growth, West London Business has had a positive impact on 600 start-ups and micro business and helped more than 250 businesses develop exports. West London Business and Capital West London teamed up as part of London Tech Week / Circular Economy Week 2019 in June to highlight the emerging tech sector in the region. The report titled Incubators and accelerators in West London: An ecosystem emerges highlights the support now available for start-ups and scale-ups in the Capital West London boroughs.
Andrew Dakers, Chief Executive of West London Business, said: “The potential for businesses in the sub-region is clear and the increase in the numbers over the last five years gives us confidence.
“Progressive regeneration programmes and digital advances have created an epicentre for growth where business will continue to thrive.
“The regeneration programmes have encouraged more businesses to move into the area and provides a vibrant housing and cultural offer for new businesses considering starting up in West London.”
Mr Daker’s comments come ahead of the Capital West London Growth Summit 2019 that will see leaders in the field of business, culture, regeneration and economic investment come together to discuss the opportunities in West London. The conference sets a foundation for planning and development across the six West London Boroughs: Hammersmith and Fulham, Harrow, Hounslow, Barnet, Brent and Ealing and is a unique opportunity to meet with the borough leaders, to hear about the projects pipeline and a chance to discover more about key infrastructure and housing plans.
Cllr Julian Bell, Ealing Council leader and Chair of the West London Economic Board, who will be a keynote speaker at the Capital West London Growth Summit 2019, said: “West London has long been home to world-renowned creative and tech businesses including Cisco, Rackspace, SAP and Sky. Over the past few years we have been fast catching up with other places in opening up the co-working and maker spaces that creative & tech start-ups need to drive their growth: Huckletree, Central Working, WeWork, The Workary and many more have all invested in West London.”
Capital West London 2019 Growth Summit
Interested in learning more about West London’s vision for growth?
Join the debate and hear key players speaking at Capital West London Growth Summit 2019 on October 29th. Book your ticket here.