Nottingham identified as UK 'boomtown' where new businesses 'thrive'
Quarter three of 2023 was reportedly the most successful time for new businesses in Nottingham
The UK’s top ‘boomtowns’ for starting a new business have been identified using National Office of Statistics data.
The ONS figures looked at business openings and closures in each UK local authority between 2022 and 2024.
The figures were totalled for each area and ranked based on the highest ratio of openings to closures.
Read more: 5 exciting new openings set to take Nottingham by storm this summer And despite shops and cafes seemingly closing all over the city, Nottingham has been revealed among the UK’s ‘boomtowns for business’.
The data, which was analysed by MRPeasy - a software company for small manufacturers - found Nottingham was the sixth-best place in the UK to start a new business.
Since 2022, 3,175 businesses have opened in Nottingham, while 2,925 have closed.
On average, 14 businesses are launched for every 13 closures in the area during this period.
Quarter three of 2023 was the most successful period for businesses in Nottingham over the last two years, with the ratio of openings to closures sitting at 1.471:1, 35.9% higher than the average ratio of 1.082:1. Unsurprisingly, the city of London, was named the best place for business in the country, closely followed by the Isle of Scilly, Stevenage, Kingston Upon Hull, the City of Westminster and then of course, Nottingham.
There are several exciting new business openings heading for Nottingham this year, including Roxy Lanes, Big Fang and the much anticipated return of Toys R Us.