ALMOST two-thirds of business owners said that the broadband speed available to them is an important factor when it comes to relocating.
The research from Close Brothers Asset Finance suggests that ensuring continuity when moving is of the utmost importance, with a third of owners saying that they have lost business as a result of dodgy internet connections.
The firm said that overall, nearly two thirds (62%) of respondents cited broadband speeds as being of key importance, with this figure rising to 76% for London businesses and 73% for those in Wales.
“Small to medium sized businesses recognise that they need good broadband speeds if they’re going to be able to compete against larger competitors,” said Neil Davies, CEO, Close Brothers Asset Finance.
“As it is, a recent study confirmed that the UK slipped to 35th place in an annual league table of global broadband speeds, putting it in the bottom third of EU countries.
“If regions or cities are hoping to attract relocating businesses, focusing on broadband speeds would be a good place to start.”
There was some good news: eight in 10 taking part said that broadband speeds in their area is sufficient for their business needs.
“This is a positive message for broadband providers, but in some respects, people don’t know what they might be missing out on,” Mr Davies said.
“For example, the download speed in Singapore is three times as fast as that of the UK.”