West London Business and OPDC are working together to better understand how SMEs can be supported to stay and grow within Park Royal. Funded with a £50,000 grant from the Mayor of London’s Good Growth Fund, both organisations have jointly commissioned a study which will identify the requirements of SME businesses in Park Royal. This will pinpoint opportunities for WLB and the OPDC, and then local boroughs could undertake to support SME’s who are struggling to stay and grow locally.
The first outputs from this study are expected in April. The objective of this commission is to develop a better understanding of the needs and opportunities to support SME and micro businesses to develop and stay in Park Royal. This can then kick start the building of a suite of successful and bespoke town centre uses in the Old Refectory Building and the Makers Mile.
It is understood that particular challenges exist around start-up/incubator and ‘move-on’ space for SME and micro businesses wishing to develop and stay in Park Royal. Pressures on space, demand from large scale industrial businesses and rising rents are creating challenges for businesses in their early stages of development and for those wishing to grow. However a more robust and detailed understanding of these issues is required in order to identify appropriate responses.
Based on these findings, Consultants will be appointed shortly to evaluate some high-level options for initiatives which could overcome these issues which can then be delivered by key stakeholders.
We hope to be able to update you further on the next stage in the Spring 2020 PRBG newsletter.