The cliché surrounding the thriftiness of Yorkshire men and women may appear to be wide of the mark after new research showed firms in the region to be top of the UK table for investing and taking risks.
Analysis of data contained at Companies House of nearly one million firms nationwide has shown businesses in Yorkshire and the Humber to have the highest average value of liabilities in England (outside of London) at £7.23m.
The stats, revealed by Creditsafe as part of its annual UK Business Performance Report for 2019, say the figures suggest a higher prosperity for investments and a greater acceptance of risk. The South East had the next highest average liabilities at £6.5m followed by the West Midlands at £4.9m.
However the stereotype of the region being conservative with cash may ring true to some extent, with firms in Yorkshire and the Humber also having the second highest average value of cash in the bank in England outside of London at £632,000, behind the North East at £749,000.
On a macro level, Leeds-based businesses have the highest average net worth in Yorkshire at £6.03m. Aside from London, York is the city with the highest value of liabilities at £44,133,606.
Chris Robertson, CEO UK and Ireland at Creditsafe, said: “The Northern Powerhouse is a great initiative for showcasing the business prowess of the north and the data shows that investments therein are supporting business growth, while the businesses themselves are not afraid to ‘speculate to accumulate’.”
Sean Mallon, CEO and founder of Yorkshire based business Bizdaq, said: “With the UK’s fastest growing city labelled as Leeds, it’s understandable that some of the world’s biggest businesses are choosing to move their headquarters to Yorkshire.
“And, it’s no surprise to me that Yorkshire should be considered as a location for business – the list of benefits are extensive.
“Yorkshire is the largest contributor to UK GDP in the Northern Powerhouse and reportedly has the fastest growing young population outside of the South East.
“The region is also easily accessible to the rest of the UK via the M62, rail and the development of HS2, air, and high-speed internet, making it the ideal location for relocating, starting-up a new venture or buying an existing business.”