Stockport named among top UK locations for a start-up

Research by specialist insurer, Markel Direct, has revealed Stockport to be among the best UK towns and cities to launch a start-up.

The study analysed 46 cities across a range of factors, including business closure rate, five-year start-up survival rates, broadband speeds, and household income growth to identify the best locations to successfully launch a new business. Cities were then assigned a point grading for each factor out of 10, which were added together to give a total score out 40.

Stockport was ranked fifth in the leaderboard of top locations for a start-up business, with an overall score of 29.2 out of 40, making it the top location in the North of England. The borough scored particularly highly for the five-year survival rates, scoring 9.2 out of 10, ahead of top ranked city, Belfast. Stockport’s position was held back, however, by middling internet speeds and slower income growth.

Belfast ranked as the top city to start a business, scoring 34 out of 40. It achieved a perfect 10/10 for business closures, experiencing just 8.22 business closures per 100 active businesses in the area, and posted strong scores in gigabit broadband coverage of 95.6% of premises. Cambridge took second place, followed by Exeter and Bristol to complete the top five.

Rob Rees, Divisional Director at Markel Direct, said:

“Small businesses are the backbone of the UK, and many of the cities in our study are ideal locations for startups to thrive. Whilst running a successful business is influenced by factors beyond solely location, having access to superfast internet, a local talent pool and business support networks can provide your venture with the best s tart in the pivotal early days.”

Markel Direct’s full study into start-up hotspots can be found on the insurer’s website.