Midlands businesses top UK recovery charts, reports can reveal

Businesses based in the Midlands are showing greater signs of recovery than any other region in Britain, according to the latest Business Distress Index from insolvency trade body R3.

More than half (51 per cent) of companies in the region are reporting an increase in sales, while similar growth is echoed by just over one in three (35 per cent) in both the north and south.

The Midlands is also leading the way in business expansion with almost half (44 per cent) of respondents reporting an increase in locations, staff numbers or new areas of business.

Richard Philpott, R3 Midlands chairman and a partner at KPMG in the region, said: "This latest survey marks a year of record high signs of business growth and record low business distress.

"The statistics also show that growth is starting to become more balanced. This time last year, many Midlands businesses were reporting increasing sales and new investment, but not increasing profits or business expansion. These latter two indicators have now caught up."

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