Leeds has reinvented itself as a modern competitive centre of business excellence, attracting substantial investment, new businesses and highly skilled staff to the city

The growth of Leeds as a major centre for financial services has been one of the UK’s business success stories of the last 20 years.

Leeds is widely recognised by the likes of HM Treasury and the Lord Mayor of London as the main centre in England for financial and professional services outside the capital, and an integral part of the UK’s financial services industry.

The city’s strength in financial and business services is reflected in the size and number of companies and the quality of provision. It is a major centre for accountancy, banking, insurance, building society finance, stockbroking, and corporate and retail financial services. The sector as a whole employs some 112,000 people in the city. Major players include First Direct, Direct Line, GE Consumer Finance, HBoS, RBS, Leeds Building Society and Yorkshire Bank.

Ron McMillan, Leeds Office Managing Partner at PwC, comments: “There is a wealth of expertise in corporate finance and professional services in Leeds. Gone are the days when deals of any size had to be advised and funded through London. Now complex financial engineering and business finance activity are routinely handled by Leeds advisers with funding arranged locally too.”

Leeds’ booming entrepreneurial culture has seen Yorkshire Bank establish a new Financial Solutions Centre (FSC) with a Credit Team able to make lending decisions up to £75m without referring to the bank’s main board. The highest credit decision which could be made previously was £10m.

Managing partner of Yorkshire Bank’s Leeds FSC, Patrick Walton, says: “In a fast-moving economy, businesses need a quick response. This facility provides businesses with quicker decisions, supported by local knowledge, which is how it should be for a bank founded in Yorkshire.

All points north
The city has become the Northern hub of equity and venture capital, investment management, stockbroking and insurance services. Financial services are strong in the wider Leeds City Region with a number of significant national and international financial institutions and employers with large operations or headquarters such as Abbey, Bradford and Bingley, Cattles, the Yorkshire and Skipton Building Societies, Engage Mutual and Provident Financial.

Ideal location
Duncan Mycock, office managing partner at KPMG, comments: “The local business community is entrepreneurial and welcoming to new entrants. In recent years over 30 national and international financial services firms have moved operations to Leeds or set up local offices. This in turn has attracted a wide range of other business services providers ranging from financial software to property services, marketing and recruitment.

“In a fast growing market there is opportunity for good career development for skilled professionals who find that the city’s social and cultural attractions meet their lifestyle needs.”

These factors coupled with the city’s other attractions in terms of quality of life and leisure amenities are making it an increasingly desirable location for a wide variety of financial and professional businesses.