Where are the most successful new businesses opening in the UK?
Research from CMC Markets has revealed Reading as the UK city opening the most successful new businesses in the last five years, with just 0.13% going into liquidation.
The study used business intelligence software, Endole, to analyse how many businesses were incorporated in the UK’s largest 25 cities from December 2017 to December 2022 compared to the number that went into administration, liquidation, or were dissolved.
Alongside Reading, Stoke-on-Trent, Plymouth, and Cardiff are also home to some of the UK’s most thriving businesses and entrepreneurs.
The 10 UK cities with the most successful new businesses
Reading is the city with the lowest percentage of business closures (0.13%), suggesting this is a hotspot for talented entrepreneurs.
Stoke-on-Trent lands in second place, with 6,228 new businesses opening in the last five years and just 13 reported closures.
Plymouth lands in third place with just 0.27% of new businesses struggling to survive, followed by Welsh capital Cardiff with just 58 closures.
Scottish capital, Edinburgh, also makes the top five cities for successful businesses, with a closure rate of 0.41%.
Bradford also deserves an honourable mention, with just 11 closures out of 2,665 openings.
The 10 cities with the least successful new businesses
|City||No. of Reported Openings||No. of Reported Closures||Percent of Closures|
|Newcastle upon Tyne||7,988||96||1.20%|
|Kingston upon Hull||6,036||62||1.03%|
The data reveals Southampton is the city with the highest number of closures in comparison to openings between Dec 17 and Dec 22, with 162 of these businesses ceasing trading.
Sheffield is next with 3% of closures, followed by Birmingham (2.04%) and Leeds (1.80%).
Interestingly, despite having the highest number of new business openings overall with a staggering 35,525, Manchester is also on this list, as 622 of these companies closed down within five years.
The city of London is also amongst the areas with the least successful new businesses, seeing 1.38% of closures.