First tenant to save up to £55,000 at Business and Innovation Enterprise Zone
The first business to move into Dudley’s new enterprise zone has officially taken up residence.
Insurance Protector Group (IPG) has moved into DY5, Dudley’s Business and Innovation Enterprise Zone which has been created by Dudley Council, Black Country LEP and West Midlands Combined Authority.
It has signed a five-year lease for 8,000 sq ft at Quay House. IPG currently employs 27 people but has plans to more than treble its workforce in that time 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.”
IPG will benefit from up to £55,000 business rate relief for five years.
Alan Lunt, Dudley Council’s strategic director responsible for regeneration and economic development, added: “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 £600m.
“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.”
