A London suburb has become an unlikely beacon of high growth technology start ups. Croydon in south London has recently been named as the UK’s fastest growing economic area by UHY Hacker Young, the national accountancy group.
According to UHY Hacker Young, Croydon topped the list of 173 areas as the fastest growing UK regions with an annual growth rate of 9.3% in Gross Value Added (GVA), rising to £19,800 in the last year from £18,120 the previous year*. This rate is nearly three times the UK average increase of 3.4% over the same period, rising to £24,960 from £24,130.
A closer look at the research reveals that Croydon is now a significant hub for technology and Fintech companies, and it is often called ‘London’s third city’ and the ‘Silicon Valley of South London’. Among the borough’s most interesting high growth companies are:
- Quid Cycle, the Fintech peer-to-peer lending company
- Dotmailer, the email marketing firm
- Croyative, the online marketplace for charities to connect to creative professionals
‘Perfectly located for international trade’
Colin Jones, Partner at UHY Hacker Young, comments: “Croydon’s regeneration is going from strength to strength and it is no longer a joke that it is beginning to rival Shoreditch in attracting technology companies.”
“Croydon has reinvented itself over the last ten years and is attracting a wide range of businesses to the area and is quickly becoming a commuter hotspot.”
“Over the last two decades, significant resources have gone into Croydon’s regeneration including improving its transport connections with the rest of London and the UK.”
“With such close proximity to Gatwick, Croydon is perfectly located for both international trade and European-based companies looking to open a UK base.”