West Bromwich has been named second in the UK for the highest average turnover of its businesses.

 

 

 

 

 

 

 

 

 

A report reveals firms in the constituency have an average turnover of £893,224, coming just behind London, with £1.038 million.

The Institute of Chartered Accountants in England and Wales’ Business Advice Service found Dudley South ranks fourth on £751,910 and Wolverhampton South East fifth on £719,950.

The national average turnover for a British business is £505,644.

Black Country Chamber of Commerce president Ninder Johal said it was ‘fantastic’ news for West Bromwich and the wider Black Country.

“This are is known for innovation and enterprise and it is little surprise that one of its constituencies now sits so high in this national chart.

“It is down to a combination of the UK economy doing well and in particular the renaissance of West Bromwich and the wider Black Country.

“The great regeneration of West Bromwich has bought businesses into the area rt costs have made inward investment easier.

“The increase in skills locally has also enabled firms to grow thanks to a bigger pool of skilled labour to draw on,” he said.

The West Bromwich West constituency, includes Wednesbury and Oldbury, which are attractive places for businesses to locate because of their closeness to the heart of the motorway network.

LoneStar Fasteners Europe has just opened up a £7.5m new headquarters in Wednesbury near Junction 9 of the M6.

The building includes a manufacturing and distribution centre and employees from the company’s existing sites in the Black Country – two at Willenhall and another at Bilston – have moved to the new site.

Vehicle conversion specialist Sirus Automotive, based in Britannia Park, Wednesbury, has grown since 2004 to become the UK’ market leader in compact, drive-from-wheelchair and wheelchair passenger up-front vehicle solutions. It reached £9 million turnover by 2013 with a 43 per cent increase year-on-year.

Booming parcel firm DPD has a base in Birmingham Road, Oldbury and has continued to grow thanks to the growth in internet shopping.

Stephen Ibbotson, ICAEW director of business, said: “Ranking constituencies across Great Britain, four of the top five regions by highest average annual business turnover are the northern areas of West Bromwich, Hull, Leeds and Sheffield.

“Not only does West Bromwich West top the regional table, it also has the second highest average turnover in the whole of Britain.

“We hope it encourages people to take an interest in the economic landscape of their local area and perhaps be spurred on to start their own business.”

Source: Express and Star PUBLISHED: November 12, 2014