It’s moving in day for the first business to relocate and benefit as part of a multi-million pound business and innovation zone.
Earlier this year, Dudley Council, Black Country LEP and West Midlands Combined Authority were given the green light to launch DY5 – Dudley’s Business and Innovation Enterprise Zone.
Insurance Protector Group (IPG) is celebrating being the first business to get the keys (as of April 1) to their new premises as DY5 is officially up and running.
IPG is one of the country’s leading insurance brokers, specialising in catering and property owners insurance, it currently has a client base of more than 15,000 across the UK.
The growing business employs 27 people but has ambitious plans to more than treble its workforce in the next five years and has chosen the Waterfront as the best location to expand.
Bhabinder Kumar, head of retail at IPG, said:
“At the end of last year, we were outgrowing our current premises and were considering an office relocation to give us the room we need to expand our growing business.
“The DY5 announcement came at the perfect time for us and it gives us the opportunity to stay in the area and find an office space that is tailored to our needs.
“We’re excited about being part of DY5 and the many economic benefits it brings and look forward to putting our expansion plans in place and being one of the many success stories that will come out of this initiative.”
As a DY5 tenant, IPG will benefit from up to £55,000 business rate relief for five years. Its new office space in ‘Quay House’ is an open plan 8,000sqft office, which they have signed up to occupy for a minimum of five years.
Alan Lunt, strategic director responsible for regeneration and economic development, said:
“During the life span of the zone we expect it to create 7,000 new jobs and give a significant upturn in the borough’s economic growth of around £600million.
“It will provide fantastic opportunities for businesses, big and small, to expand as they benefit from reduced business rates or tax breaks for purchasing machinery.
“We’re delighted to welcome IPG as DY5’s first tenant. They are a great example of the businesses we hope to attract. They have a strong work ethos and are ambitious about their future plans for growth.”
Tom Westley, Black Country LEP Board Member, said:
“The Black Country LEP has worked extremely hard with all the partners to get to this point and it’s fantastic to see the first tenant move in under the new DY5 scheme.
“As of April 1 the zone is officially up and running and open to new and expanding businesses. I’d urge businesses from the borough and beyond to get in touch with the DY5 team and discuss the many benefits available to them if they relocate here.”