The Prime Minister, David Cameron, has highlighted the role of the local newspaper industry in supporting British business on the day the Watford Observer, and newspapers up and down the country, announced the winners of the Local Business Accelerator initiative.

The initiative aims to recognise, applaud and encourage young businesses that are driving the economy.

The Watford Observer's winner, selected with the help of Wenta, the local enterprise agency, is Westminster Compliance LLP.

Formed as recently as 2008, Westminster Compliance has an expanding customer base and offers business advice to SMEs (small/medium sized enterprises) throughout Hertfordshire and north west London and further afield.

Through experienced and highly qualified advisors, the company, which is based in Borehamwood, delivers bespoke training and policies that increase compliancy for business use.

The Prime Minister extended his congratulations to Westminster Compliance, and the other winning businesses, who will receive substantial free advertising in the Watford Observer and mentoring from Wenta.

Mr Cameron said: "Congratulations to all the winners of the Local Business Accelerators scheme.

"It's brilliant that so many promising young companies, from such a wide range of sectors, are benefiting from this excellent initiative.

"Entrepreneurship, creativity and ambition are essential for our economic recovery and through Local Business Accelerators, newspapers such as the Watford Observer are supporting some great new British businesses to grow, and helping to boost their local economy.

"I wish the newspapers, businesses and their mentors every success over the coming months."

Later in the year, one business will go on to be crowned the overall Local Business Accelerators winner and receive mentoring from the campaign’s national ambassador Deborah Meaden, of Dragon’s Den.

Backed by high profile figures, including the Prime Minster and the CBI’s John Cridland, the campaign has seen the local newspaper industry come together to deliver a shot in the arm for British business.

Local Business Accelerators has also received the support of Stephen Welton, Business Growth Fund chief executive, who said the initiative was providing a “powerful boost” to young businesses.

Mr Welton said: “I am delighted to lend my support to the Local Business Accelerators initiative, which is offering a powerful boost to young businesses throughout the UK.

“Clearly economic conditions continue to be challenging; but we need businesses to be considering the opportunities and focusing on what they can influence. When growth is harder to achieve, history tells us that the most successful companies are not those with defensive strategies.”

The Business Growth Fund has contributed to Local Business Accelerators by offering a series of free half-day workshop sessions at its regional centres to winning businesses.

Mr Welton added: “Our workshops will help business owners to think about how they can expand; how they can reach new audiences and new markets; how they can begin exporting; and how they can raise the capital that they might need to fund their ambitions.

“The question that BGF will be addressing in 2012 is how best can we find, encourage and support ambitious business owners. The Local Business Accelerators scheme is playing a vital role in furthering this ambition."