Telford named one of best places to launch new business
New high street restaurants, stores and bars are being encouraged to consider Telford as a prime location.
The town has been named as one of most attractive locations in the UK to launch a new business in 2023 according to market assessment from asset finance brokerage, Approved Business Finance.
The group analysed the average rental cost for commercial spaces, footfall recovery from the Covid-19 pandemic as well as the number of closed banks and vacant commercial units to reveal the locations that are most promising for new businesses in 2023.
Telford appeared fourth in the rankings with a Business Potential Score of 341 out of 500. Plymouth (381) topped the list with Dundee (348) and Sunderland (346) completing the top three.
Mark Kozo, Marketing Director at Approved Business Finance said: “It’s no surprise that the slightly smaller cities are looking more promising with cheaper rent and higher footfall. With the current financial climate, many people have relocated to more inexpensive cities to start a new business which can be pricey and using asset finance can help with increasing costs in rent and stock.
“There is a significant amount of pressure on retailers and as the data reveals the cities that tend to have the higher rental prices will most likely see the biggest increase in vacant retail spaces.
“With the impact of the pandemic and the cost of living crisis, a significant number of businesses across the country are facing financial challenges and data like this reveals the cities that are bouncing back and the ones that aren’t.”
For the full report, see https://www.approvedbusinessfinance.co.uk/post/best-cities-for-uk-businesses-in-2023
