Survey shows Somerset is ripe for investment

A recent European attractiveness survey by a leading accountancy firm has shown that Somerset ticks all the boxes for inward investment.
By: ADPR
 
July 4, 2011 - PRLog -- Great telecommunications, a high quality of life, an entrepreneurial culture and low real estate prices are all things Somerset can boast, making it a highly attractive place for inward investors, according to the study.

Rupert Cox, CEO of Into Somerset, says, “We are delighted with the findings of this research. It goes a long way to proving what we have always said about Somerset and the key benefits of relocating your business here. In the last year alone we have worked with over 130 companies, assisting 28 of them to relocate with almost 600 jobs created in the county – no mean feat during a recession! This survey emphasises that Somerset is an extremely attractive county for inward investors.”

Businesses that relocate to Somerset can significantly cut costs by making huge savings on commercial property, which tends to be at least a third cheaper than in London and the South East. Just last year, IT industry giant IBM moved its maintenance and repair centre from Uxbridge to Highbridge, near Bridgwater and the M5 corridor, and as a result IBM has saved a massive 45 per cent on building costs – and assured employees an excellent quality of life.

The strength of telecommunications was highlighted in the survey as the most important feature of the UK as an investment location, and Somerset has recently been granted a multi-million pound Government investment for superfast broadband. Cox says, “Faster broadband is one of the keys to unlocking the county’s £9billion economy globally and this investment will certainly help to improve Somerset’s competitive edge for inward investors.”

In recent years, Somerset has seen some exciting developments in the renewable and low carbon energy markets. This is reflected across the country, as within the survey the low carbon and clean technology sectors have jumped from ninth position to third as one of the increasingly important sectors in driving the UK’s economic growth over the next two years. Somerset is perfectly positioned in the ‘Golden Triangle’ of ideal solar conditions below the M4 corridor, making it a great location for harnessing solar energy. Projects such as an approved ground mounted PV array, which will be one of the very first of its type in the country, reinforce Somerset’s status as a green industry pioneer.

In the low carbon energy sector, Hinkley Point was named by the Government last month as an approved site for a new nuclear site. The third-generation nuclear power station on the Somerset coast is expected to become a catalyst for economic development throughout the county. The nuclear new-build will see £10billion of investment generated between now and 2018 and the development is expected to provide 25,000 jobs during the construction phase, with 5,600 people working on the site during the peak construction period and many more in the supply chain off site.

One of the measures considered most important in stimulating economic growth was support for SMEs relocating, with over 90 per cent saying this would assist growth. Into Somerset offers tailored support to new business start ups relocating to the area, as well as established businesses looking to move to Somerset.

In addition to all of this, Somerset’s excellent road and rail links make it a prime location for inward investment. London is only two hours away and a host of international airports mean that Europe and the rest of the world are within easy reach. To find out more about the many varied opportunities that Somerset can offer, or for advice and guidance on setting up a business in Somerset call on 0845 1222 066 or visit www.intosomerset.co.uk.
End
Source:ADPR
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Tags:Relocation, Relocate, Moving, South West, Somerset, Business, SME, Technology, Telecommunications, Economic Growth
Industry:Business, Financial, Home business
Location:South Petherton - Somerset - England
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