Leicester tops UK rankings for fastest new business growth

"Leicester has been revealed as the best place in the UK to launch a new business, with companies in the city posting average growth of 95.3 per cent over the past five years. The East Midlands hub recorded more than 4,000 new business registrations between 2018 and 2023, cementing its status as one of the country's most dynamic start-up centres."

"Central Bedfordshire emerged as another bright spot, with an average growth rate of just over 68 per cent and more than 2,000 new businesses established over the same period. Hertfordshire also performed strongly, registering more than 9,000 start-ups - the third-highest number anywhere in the UK outside London - and sustaining growth of more than 30 per cent."

"South Wales offered a mixed picture. Rhondda Cynon Taf stood out as a surprising success story, with average growth of 28 per cent and more than 1,100 new registrations, putting it among the UK's top performers. Southampton rounded out the strongest growth areas, with start-ups expanding at an average rate of 27 per cent. Other regions to post notable gains included Rutland, Hampshire, Torfaen, Cambridgeshire and Northamptonshire, all of which have seen consistent upward momentum in new business creation."

"Caerphilly in South Wales was identified as the most challenging environment for start-ups, recording more than 600 registrations between 2018 and 2023 but suffering an average year-on-year decline of 18 per cent. Darlington also fared poorly, with growth contracting by 17.5 per cent, while the Isles of Scilly saw a 12.5 per cent fall despite only 11 new businesses registering during the period. Newport and Pembrokeshire added to the list of underperforming regions, both recording double-digit declines in growth."

Leicester recorded the highest average growth for new businesses at 95.3% over five years and registered more than 4,000 start-ups between 2018 and 2023. Central Bedfordshire averaged just over 68% growth with over 2,000 new businesses, while Hertfordshire logged more than 9,000 start-ups and sustained growth above 30%. Rhondda Cynon Taf saw 28% average growth and over 1,100 registrations, and Southampton showed 27% average growth. Rutland, Hampshire, Torfaen, Cambridgeshire and Northamptonshire also posted notable gains. Caerphilly, Darlington, the Isles of Scilly, Newport and Pembrokeshire experienced double-digit declines in start-up growth.

Read at Business Matters