One in five UK start-ups see themselves opening offices in Europe post Brexit: Survey
One in five U.K. start-ups are contemplating opening up an outpost in Europe in the wake of Brexit, according to a new survey.
Silicon Valley Bank's UK Startup Outlook 2017 report found that 21 percent of U.K. start-ups were staying in the country but at the same time looking to open up an office in Europe, with one percent stating they would definitely move their headquarters to the continent.
By contrast, 62 percent said they would stay in the U.K. and not open up an office in Europe.
"The Brexit findings in our survey this year are compelling and we are pleased to bring some data to a conversation that has been largely anecdotal," Phil Cox, head of EMEA and president of Silicon Valley Bank's U.K. branch, said in a statement on Tuesday.
"While 21% of innovators say they will be opening European outposts, the majority will continue to back Britain as the home for their headquarters," Cox added.
Other findings from the survey include 48 percent of businesses stating that business conditions will improve in 2017, a ten percent drop compared to last year, when 58 percent of businesses saw conditions improving.
The survey also found that 89 percent of U.K. start-ups were looking to hire new employees and boost their workforce in 2017, with just one percent saying they would cut jobs.
"Businesses are seeing more opportunity than fear, which can only be a good thing," Cox said.
"Though start-ups are feeling less optimistic about 2017 than they were about 2016, even more are looking to grow their workforce this year," he added.