New data analysis has revealed that the Worcestershire town tops the rankings after scoring highly in a number of key indicators for business success.
The research assessed more than 350 districts, counties and unitary authorities across Britain on a range of details. The factors included the average rate of new business births compared to new business deaths, the number of high growth enterprises, the median salary and the qualification levels of the working age population.
Redditch scored well for having one of the country’s best rates of new business births compared to new business deaths. The latest data shows that in 2019, for every new business that failed in the area, two new enterprises were started – the second highest ratio in Britain. Redditch also has a low median salary, enabling access to a low cost workforce.
Wyre Forest, also in Worcestershire, placed second on the ranking of Britain’s best places to start a business, thanks to the country’s best rate of new business births compared to deaths, with three new companies started for every one that failed.
Kingston upon Hull ranked in third, performing particularly well in the categories measuring the number of successful business in the region, as well as a median wage lower than much of the UK.
Corby in Northamptonshire placed in fourth, while Telford and Wrekin in Shropshire came in fifth.
The figures follow news uncovered by Ember that the first quarter of 2021 saw nearly 100 new businesses created every hour. In total 211,368 companies were incorporated at Companies House in January, February and March this year, which equates to 2,349 brand new businesses each day, or 98 every single hour.
The research was conducted by Ember, the cloud accounting company which automates accounting and tax to help make business admin simpler and more cost effective for freelancers, contractors, start-ups and small businesses.
Read more:
The best place to start a business in the UK revealed
