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Redbridge sixth highest in London for new companies

PUBLISHED: 14:03 02 February 2016 | UPDATED: 14:04 02 February 2016

Seven Kings where there has been a net growth of 499 businesses in 2015.

Seven Kings where there has been a net growth of 499 businesses in 2015.

Archant

Business in Redbridge is booming, at least if you judge it by the number of new companies.

A map of new businesses across Redbridge in 2015.A map of new businesses across Redbridge in 2015.

In 2015 more than 6,500 new businesses were formed in the borough, the sixth highest number in the capital, according to Inform Direct, a company records website.

Redbridge is above Kensington and Chelsea, Islington and neighbours Newham, home to Westfield Shopping Centre.

The advent of Crossrail appears to have had a big impact, with almost 500 new companies formed in Seven Kings alone.

Geoff Hill, chairman of the Redbridge Chamber of Commerce, told the Recorder: “This borough is a very good place to start a business, there is the enterprise desk, Sophia Hubs and of course the Chamber.

“The council needs to ensure it continues attracting businesses by ensuring they have affordable space to develop.”

Geoff explains a huge problem is the focus on building houses to the detriment of commercial space. He is concerned start-ups could start moving out of the borough to cut costs.

“There seems to be an assumption that retail is the answer to Redbridge’s problems, but this has reached a saturation point. We need a diverse high street, office space for tech start ups and industrial space, and if we look around there is not a lot.”

Ros Southern, of Seven Kings business group Sophia Hubs, explained that while Redbridge has a lot of new companies, it also has many which fail.

“We must be very entrepreneurial, but we also have a high rate of failure along the line.

“I’m interested in how we can build particular bonds between business and the community, so we do not suffer these business deaths. Places like the bank provide help, but people do not know about it.”

Sophia Hubs, which supports start ups, has a timebank service, which allows new businesses to exchange skills and wares to gain experience.


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