Lancashire ranks fourth for manufacturing start ups
The Red Rose County has been placed fourth in the UK for building a new manufacturing base, according to a recent study.
There have been around 1,400 manufacturing start ups in the local area in the last three years, according to Barclays.
The figures are even more important to the UK economy, as the study also showed that manufacturing start ups have the highest average turnovers of all business start ups. More than 16 per cent of all manufacturing start ups achieve a turnover greater than £100,000 in the first three years, compared with an average of 10 per cent for non-manufacturing businesses.
Martin Baker, head of relationship banking for Barclays in North West UK said: “Behind these businesses are the people who are building the UK’s manufacturing future. They are creating new jobs, driving innovation and utterly disproving the idea that the UK doesn’t manufacture.
“At heart, Brits want to make things. We're good at it and the quality of our product is often exceptional, thanks to a highly educated, skilled working base. The UK has a world-class reputation for manufacturing excellence.
“These start ups are building businesses for which the sky is the limit. A healthy turnover in manufacturing in the early years can lead to one, two, ten million pound businesses in a handful of years.”
Around 20,000 manufacturing businesses start up every year UK, a figure that has remained largely unchanged over recent years.
The highest ranked region in the study was Birmingham, with 1,850 start ups, followed by Kent and Essex. Hampshire rounded off the top five.