Stratford-on-Avon named UK’s top entrepreneurial hotspot by American Express
The local authority area of Stratford-on-Avon in the West Midlands has been named the UK’s leading entrepreneurial hotspot in new research from American Express, based on its combination of new business creation and business resilience.
The study, which analysed data from 317 local authority areas across the UK, including districts, boroughs and cities, places Uttlesford in Essex second and Waverley in Surrey third place – highlighting how some of the strongest entrepreneurial communities can be found beyond London and the UK’s biggest cities.
Analysis conducted on behalf of American Express by Development Economics assessed local authority areas across the UK using two measures: business start-up rate and business resilience. Together, the measures provide a picture of where new businesses are both being created and successfully sustained.
Based on this analysis, the Amex Entrepreneurial Hotspots list reveals the highest-ranking area in each UK nation and English region:
Region / Nation | Local Authority Area | What this area includes** |
North East | Darlington | Darlington, Hurworth, Heighington |
North West | Trafford | Altrincham, Sale, Stretford |
Yorkshire and the Humber | North Yorkshire | Harrogate, Scarborough, Ripon |
East Midlands | Derbyshire Dales | Matlock, Bakewell, Ashbourne |
West Midlands | Stratford-on-Avon |
Stratford-upon-Avon, Alcester, Southam
|
East of England | Uttlesford (2nd overall) | Saffron Walden, Great Dunmow, Thaxted |
London | City of London | Square Mile |
South East | Waverley (3rd overall) | Farnham, Godalming, Haslemere |
South West | Cotswold | Cirencester, Tetbury, Stow-on-the-Wold |
Wales | Powys | Newtown, Welshpool, Brecon |
Scotland | Highland | Inverness, Fort William, Wick |
Northern Ireland | Derry and Strabane | Derry/Londonderry, Strabane |
Note: this is based on defined local authority boundaries, which do not necessarily correspond with the wider county or geographic area of the same name.
Ruchi Sharma, vice president, UK Card Services at American Express, said: “Our research demonstrates there are thriving entrepreneurial communities right across the country. Behind the findings are thousands of small businesses bringing ideas to life, creating jobs and contributing to the places they call home. Supporting them as they start, run and grow is at the heart of what we do at American Express.”
Why Stratford-on-Avon comes out top of the UK’s Entrepreneurial Hotspots
The district of Stratford-on-Avon (which includes the town of Stratford-upon-Avon) ranks first overall in the UK when its business start-up rate and two-year business resilience are considered together. Its start-up rate stands at 85 new businesses per 10,000 working-age residents – above the UK average of 73. Its resilience rate is the third highest of any local authority area in the country and highest in the West Midlands, with 81.4% of new businesses still trading two years after registration, compared with a UK average of 68.9%.
Entrepreneur Testimonial: Gemini Woman (independent clothing boutique), based in the town of Stratford-upon-Avon
“Gemini has been trading in Stratford for 41 years, so we’ve seen first-hand how the town has evolved. Stratford has something increasingly rare: a genuine sense of place, combining the heritage and international recognition of Shakespeare with the energy of a living town. For us, that means a wonderful mix of loyal local customers, new people moving to the area and visitors discovering us, alongside a strong community of independent businesses. The real strength of Stratford is that it has evolved without losing its character, as well as a real sense of collaboration between local businesses.”
Commenting on the research, Michelle Ovens CBE, director of Small Business Saturday, said: “Starting a small business takes resilience and ambition, and these findings show there are strong foundations for entrepreneurs to thrive beyond the UK’s big cities. Entrepreneurial potential exists across the country, and creating the right environments for small businesses to succeed will strengthen local communities and economies.”
Small Business Saturday takes place on 5 December and is a grassroots non-commercial campaign – of which American Express is founder and remains principal supporter in the UK – aimed at celebrating and uplifting independent firms by encouraging the public to support their local small businesses by shopping small.