Croydon has leapt up the annual business growth league table, with a 14 per cent rise in new firms trading in the borough.

Last year, 125 new companies started up in Croydon, increasing the total number from 900 to 1,025.

This has enabled the town, which recently won the Enterprising Britain Award and was shortlisted for an award for "the most enterprising borough in London", to jump from 31 to 14 in the table.

Malcolm Brabon, spokesman for Business Link London, said: "Croydon provides a variety of business opportunities for people looking to set up a business, and is a vibrant and successful region.

"It is in an ideal location to serve not only the local community, but also central London, the south-east and internationally."

Mr Brabon said the location close to central London made it an ideal place for businesses to settle, "as the property prices and wage levels in Croydon are considerably lower than those in London, potentially providing local entrepreneurs with lower operating costs".

He said: "Many people have great business ideas but never consider the possibility of turning their hopes into reality.

"There are a number of organisations, such as Business Link London, looking to support budding entrepreneurs and people should take full advantage of the services and support available to them."

Mr Brabon also said the large number of redevelopments planned for the town, and the 2012 Olympics, meant Croydon could expect a bright future in terms of business opportunities for local people.

"Croydon is home to a variety of international business communities, each with dynamic business networks, so businesses located in Croydon are in a good position to make the most of international trade and recruit from a labour force fluent in 130 languages", he said.

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