BROMSGROVE has ranked among the top 10 best places to start a new business in the UK, according to government data analysed by business insurance company Money.
The analysis of Office for National Statistics data looked into the total of new businesses opening in various regions in 2020 as well as their survival rate within the first year of trade, often regarded as the most difficult for a business.
Bromsgrove ranked ninth best when it came to survival rate, with 1,600 out of 1,655 new businesses in 2020 surviving their first year in the region, equaling a 96.7 per cent survival rate.
Rutland was ranked the best place to start a new business according to the analysis, with the regions first year business survival rate totaling 98.6 per cent.
Other neighbouring regions to feature among the top 10 included Leicester and Wyre Forest with the same total first year business survival rate of 96.7 per cent.
Its worth noting however, survival rates are considerably lower across the first five years of a business with Bromsgrove’s five year business survival rate being 42.2 per cent, the lowest across the Worcestershire region.
The highest five year survival rate in Worcestershire was in Wyre Forest at 47.8 per cent with the UK’s highest five year survival rate being 55 per cent in Torridge.
