Business booms for ‘recession babies’ (From York Press)

Business booms for ‘recession babies’

11:57am Thursday 9th February 2012 in Business news

ONE in 17 businesses in York that started up in the recession is now achieving £100,000 turnover, according to new figures from Barclays.

The research reveals that the dream of running your own business is flourishing and potentially lucrative, as “recession baby” businesses continue to grow and succeed.

Amanda Shepherd, of Barclays, said: “These businesses are ‘recession babies’ – born, grown and succeeding in the current markets.

“Clearly, there are a lot of opportunities out there for start-ups which our entrepreneurs are aggressively going after.

“Even if your ambition isn’t to reach the financial stratosphere, there are many, many businesses providing their owners with a good income below £100,000 turnover.”

Nationally, about one in 20 businesses started up during the last three years is turning over £200,000, and one in 65 businesses has reached £500,000 turnover.

East Yorkshire was listed in the top five areas outside London with the highest number of firms turning over more than £100,000 in the last three years, with 13 per cent.