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60% of small firms in London looking to expand in recession

Around 60% of small and medium-sized firms in London are concentrating on expanding their businesses during the recession, according to a poll by Business Link in London.

The survey of more than 3,000 small businesses in the capital found that despite three-quarters being affected by the economic downturn the majority of small firms do not want to just consolidate their firm, but actually expand.

The poll also found that 42% of small companies are looking to exploit new business opportunities and 17% are developing new products and services to increase their market share.

"There's a great deal of optimism in the face of the recession, with the majority of SMEs remaining committed to growth," said Patrick Elliott, chief executive of Business Link in London.

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Post Date: May 11th, 2009