Thinking of starting a new business? Then Bristol is best!
Bristol has the best five-year business survival rate, according to new statistics from BusinessComparison.com.
Supported by recent Office of National Statistics (ONS) figures, the study shows that just four in ten UK start-ups survive their first five years in business. To identify the most prosperous city for start-ups, researchers looked at the how many businesses were started in UK cities in 2013 and how many were still going in 2018.
In Bristol, 44.4pc of new start-ups survive to the five-year mark, with an economy based on the creative media, electronic and aerospace industries. The only other cities who were above the UK average of 42.43pc were Brighton and Hove (44.1pc) and Leeds (42.9pc).
|Rank||Town/city||New start-ups in 2013||Five-year survival||Five-year survival rate|
|2||Brighton and Hove||1,960||865||44.13pc|
Plymouth is languishing at the bottom of the list with the lowest start-up survival rate in the UK. Fewer than one in three (30.7pc) new ventures last beyond five years.
Unsurprisingly, the south west was the region with the highest business survival rate at 45.6pc. Each of the three regions with the highest survival rate were located in the south, with 44.7pc in the east of England and 44.6pc in the south east. London contradicts this trend with a survival rate of 39.3pc, the lowest of any UK region. Northern and Scottish businesses found it harder to reach five years, with 41.9pc surviving in the north west, 41.7pc in Scotland and 41.1pc in the north east.
Which industries have the best chance of survival?
Drinks manufacturers (53pc), residential care (52pc) and the creative arts and entertainment industry (52pc) had among the highest five-year survival rate in the study. Meanwhile, insurance (13pc) and clothes manufacturers (30pc) are proving to have a tough time.
If you’re thinking of starting a new business in Bristol, then our team in Horfield can advise on how best to set up your new venture, along with everything you need to know regarding tax and accounting – plus if you’re seeking funding to get your new venture off to a flying start, then our corporate finance team can assist you with business plans, financial forecasts and introductions to lenders. Contact the team for a no obligation consultation and make 2020 your first year in business.