Leicester ranked 4th best city in the UK for starting a business

New research reveals that Leicester is one of the leading UK cities for launching successful start-ups.

Research undertaken by card payment solutions provider Paymentsense has identified the top 15 cities in the UK for starting a business, with Leicester placing 4th.

Based on factors including business survival rates, weekly salary, average rent, population, and the number of employed adults in the area, Paymentsense ranked which cities in the UK offer the best environment for prospective SMEs.

The survey reveals the following:

5-year start-up survival rate: 40.5%
Average weekly pay for full-time workers: £487.90
Average monthly cost to rent a 1-bed city centre apartment: £568.75
Population: 508,916
Number of employed adults: 128,142
Money available per week: £62,520,481.80
Index score out of 5: 2.42

Rajinder Bhuhi, Business Manager of the Leicester Innovation Hub said: “The Leicester Innovation Hub is driving a number of bold initiatives to support business start-up here at the University and across the city.

“Through the Start-up Accelerator, students and graduates can access to funding, expert training and mentoring, networking and workspace to get started.  We’re currently searching for aspiring student entrepreneurs to provide £1,000 funding to test their business ideas.

“We’re also joining forces with entrepreneurs, another local university, the City Council and Leicester and Leicestershire Local Enterprise Partnership, through the Start-up Leicester Co-working Project, to nurture start-up and co-working in Leicester. The initiative will bring together a community of existing and aspiring start-ups helping each other to succeed and enable Leicester to reach its potential as a globally significant start-up city.”