According to a new study, Brighton is the new start-up capital of the UK, and it tops the chart as the home of the best performing businesses in the UK with a success rate of 88 per cent.
However, while Brighton’s impressive start-up network is helping to boost business success rates, there is evidently strength in numbers, with the city having around 370 small and medium-sized enterprises (SMEs).
The study found that Birmingham and Belfast were hot on the heels of the seaside town though, with a success rate of 84 per cent and 82 per cent respectively. In comparison, London’s success rate was only 69 per cent.
Brighton was among five others listed as ‘Business Capitals’ in the report, which was carried out by Lloyds Bank National Business Awards. Amongst these other capitals were cities such as Plymouth and Cardiff, who were awarded ‘Digital Capital’ and ‘Talent Capital’ respectively.
Commenting on the study, one Brighton entrepreneur said that the town has a “creative and thriving start-up culture and the city is finally throwing off its ‘graveyard of ambition’ reputation”.
However, even though Brighton appears to be outperforming London in the success stakes, the fact that 54 per cent of the small business owners there feel connected to the capital has undoubtedly contributed to the number of start-ups and SMEs in the town.
Many Londoners have also made the trek to the coast, with a separate report from the London Chamber of Commerce finding that high property costs combined with skyrocketing business rates have resulted in many London-based businesses relocating or thinking about it.