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Birmingham is the UK’s Most Entrepreneurial City

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DO YOU LIVE IN LONDON’S MOST ENTREPRENEURIAL POSTCODE?

London may lead the pack when it comes to business start-ups in Britain, but the latest research from Instant Offices reveals the UK’s other major cities are making a significant contribution to entrepreneurialism in the UK.

Instant’s Entrepreneurial Index ranks the UK’s leading cities by analysing Companies House data and comparing average population in each city with the number of businesses launched there year on year.

And this year, Birmingham has stormed to the top of the league for start-ups.

Birmingham Tops London

London leads the pack for total number of start-ups, as would be expected, with 145,993 businesses launched in 2017.  But, on a pro rata basis, Birmingham surpasses the capital as the Most Entrepreneurial UK City in 2018 with its impressive start-up to population ratio.

With significant growth over the past few years, Birmingham’s ability to attract and support early-stage businesses is attributed to its world-class support networks, accelerator schemes and significant infrastructure investment. The completion of HS2 is set to transform the West Midlands, and Birmingham’s sizeable metropolitan economy is predicted to see considerable benefits to boost growth.

Key Cities Ranked

Entrepreneurial Cities Total Co. Jan 2018 Entrepreneurial Index
Birmingham 21,783 3%
London 145, 993 2%
Leicester 9, 796 2%
Coventry 6, 985 2%
Manchester 15, 128 1%
Brighton 6, 839 1%
Bristol 7, 290 1%
Edinburgh 7, 237 1%
Glasgow 9, 138 1%
nottingham 6, 787 1%
Newcastle 5, 930 1%
Liverpool 7, 697 1%
cardiff 6, 770 1%
leeds 6, 425 1%
belfast 801 0%

Demand for Flex Space Soars in Birmingham

As more organisations opt for agile ways of working, the flex office market has seen explosive growth across UK regions, and interest in cities like Birmingham, Manchester and Liverpool is at an all-time high.

London continues to lead, as reported in Instant’s 2018 UK Market Summary. However, growth of a more agile working climate and new investment meant Birmingham saw some of the highest market activity in 2017.

Centre growth was up 13% last year, ranking fourth after Liverpool, Manchester and Leeds at 23%, 17% and 15% respectively.

Birmingham has an average workstation rate of £264 and offers a wide variety of office space.

John Williams, Head of Marketing and Research at Instant, said: “While majority of demand still comes from companies looking for flexible office requirements for smaller teams, our data reveals that larger, corporate occupiers are also looking for flexible space in what is proving to be a very competitive market in Birmingham.”

The Instant Group: Flexible Workspace Specialists

Established in 1999, The Instant Group is a global flexible workspace specialist. Underpinned by unrivalled expertise, Instant tailors unique solutions to help businesses of all sizes to grow, drive savings or gain invaluable insight.  With offices in London, Berlin, Dallas, New York, Hong Kong and Sydney, The Instant Group employs more than 100 experts and has clients in 113 countries. For more information, visit www.theinstantgroup.com.

Most Entrepreneurial City 2018 - Instant Offices

Most Entrepreneurial City 2018 – Instant Offices

Business

Tesla shares set to skid into the red for the year

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Tesla shares set to skid into the red for the year 1

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 2

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

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H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant

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H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 3

STOCKHOLM (Reuters) – A venture part-owned by Finnish forestry group Stora Enso, Sweden’s H&M and IKEA said on Tuesday it was set to build a demonstration plant in Sweden for a new, more sustainable wood-based textile fibre after years of research.

To markedly reduce their climate footprint and pollution, large apparel and furniture brands are in dire need of affordable greener alternatives to cotton, traditional viscose and polyester. Several Nordic pulp makers are part of projects developing new clean ways https://www.reuters.com/article/us-nordics-forestry-idCAKCN0WF076 to turn trees into textile fibre.

TreeToTextile said in a statement its plant would have a production capacity of 1,500 tonnes and its owners would fund the bulk of the 35 million euro ($42.6 million) investment.

“The novel process is deliberately designed to have low energy demand and low chemical need. It is engineered to suit large scale production and includes a recovery systemfor reusing chemicals,” it said.

“By investing in a demonstration plant, we are finally on the go. With it we are turning years of R&D into reality to increase the biobased share on the textile market to support climate action.”

TreeToTextile, whose fourth part-owner is innovator Lars Stigsson, said the plant would be located at Stora Enso’s Nymolla mill in Sweden, and its construction would start in the near future.

Viscose is the main existing textile fibre from wood pulp – followed by the newer lyocell which has a cleaner manufacturing method. Production is dominated by Austria’s Lenzing, India’s Aditya Birla and China’s Sateri.

($1 = 0.82 euros)

(Reporting by Anna Ringstrom; Editing by Angus MacSwan)

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IHG books $153 million loss, Holiday Inn softens coronavirus blow

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IHG books $153 million loss, Holiday Inn softens coronavirus blow 4

By Tanishaa Nadkar

(Reuters) – InterContinental Hotels booked an annual loss of $153 million on Tuesday, pummelled by repeated COVID-19 restrictions and lockdowns, but said a faster recovery in its Holiday Inn Express brand had helped it outperform in key markets.

The company, which previously scrapped its final dividend, said 2020 was the most challenging year in its history as revenue per available room slumped 52.5%, with global travel and entertainment spending remaining under pressure.

Pinning its hopes on the global roll-out of COVID-19 vaccines and a wider economic rebound, IHG said the industry was unlikely to see a recovery until later in the year but hinted that global travel was starting to recover.

“People want to travel again…It is the thing that people have missed most and so there is enormous pent up demand to travel,” Chief Financial Officer Paul Edgecliffe-Johnson said, adding that “travel will come back very rapidly.”

Shares of the company were up 3.8% at 5,516 pence by 0845 GMT, amid a near 3% rise on the FTSE 350 travel and leisure index as Britain saw a surge in flight and hotel bookings after the government said would-be holidaymakers will be given clarity on making plans for the summer by April 12.

Demand remained stronger in IHG’s Holiday Inn Express business, which represents about 70% of its rooms in the U.S. market and has historically been impacted less and recovered faster than other segments in economic downturns, the company said.

“IHG is at the start of a prolonged period of commercial recovery,” Peel Hunt analysts said in a note.

Still, IHG reported a group operating loss of $153 million for the year ended Dec. 31, compared with a profit of $630 million last year.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Devika Syamnath and Alexander Smith)

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