Entering the new year, the UK’s dynamic entrepreneurial hubs, with over 700,000 new businesses annually, offer unparalleled opportunities. Relocating to key cities like London, Manchester, Bristol, Edinburgh, or Birmingham becomes a strategic move for entrepreneurs seeking success in a thriving business ecosystem.
Eager to find out which locations in the UK offer the most favourable conditions for market success, experts at Alan Boswell Commercial Insurance looked into the UK cities with the largest companies. As well as this, they looked into the reasons why relocating your business next year might be part of a winning business formula.
UK hotspots for corporate giants
|
Rank |
City |
County |
No. of large companies |
UK % of large companies located there |
|
1 |
London |
London |
132 |
55.00% |
|
2 |
Edinburgh |
Midlothian |
8 |
3.33% |
|
3 |
Newcastle upon Tyne |
Tyne and Wear |
5 |
2.08% |
|
4 |
Cambridge |
Cambridgeshire |
4 |
1.67% |
|
=5 |
Bristol |
Bristol |
3 |
1.25% |
|
=5 |
Leeds |
West Yorkshire |
3 |
1.25% |
|
=5 |
Manchester |
Greater Manchester |
3 |
1.25% |
|
=5 |
Warrington |
Cheshire |
3 |
1.25% |
|
=9 |
Abingdon |
Oxfordshire |
2 |
0.83% |
|
=9 |
Bath |
Somerset |
2 |
0.83% |
Topping the list is London, with 132 of the UK’s largest businesses headquartered in the capital. London, as a global financial hub, hosts the headquarters of major players in the financial sector, such as HSBC, The London Stock Exchange, and Prudential PLC. Furthermore, the city serves as a base for tech companies like Spectris PLC, Endava PLC, and Kainos Group PLC.
Securing the second spot is Edinburgh, home to eight of the UK’s major corporate players. Renowned as a financial powerhouse, the city hosts the headquarters of significant firms like Natwest Group PLC, Scottish Mortgage Investment Trust PLC, and Monks Investment Trust, cementing its status as a financial epicentre.
Securing the third position is Newcastle upon Tyne, boasting a total of 5 of the large businesses. This vibrant city is a hub for diverse sectors, housing consumer staples like Greggs, consumer discretionary leaders such as Bellway, real estate players like Grainger PLC, and financial institutions including Virgin Money Limited PLC.
Rounding off the top five are Cambridge, home to four of the UK’s largest companies, and Bristol, with three of the largest companies in the UK.
Experts at Alan Boswell Commercial Insurance suggest eight reasons why it could be a good idea to relocate your business:
Talent pool:
- Moving to a region with a more skilled or specialised workforce can enhance the business’s capabilities and innovation.
Proximity to suppliers:
- Being closer to suppliers can reduce shipping costs and lead times, ensuring a more efficient supply chain.
Improved infrastructure:
- Access to better transportation, communication, and utility infrastructure can enhance overall operational efficiency.
Industry cluster:
- Being close to other businesses in the same industry can foster collaboration, partnerships, and knowledge sharing.
- Relocating to a location with a business-friendly regulatory environment and supportive government policies can simplify operations.
Quality of life for employees:
- A location with a high quality of life, including good schools, healthcare, and recreational facilities, can attract and retain top talent.
Market trends and demographics:
- Moving to an area where demographic trends align with the target market can improve the business’s long-term prospects.
- Moving to a location with a larger and more diverse customer base can significantly increase sales opportunities.
Cost savings:
- Relocating to an area with lower operating costs, such as lower rent, taxes, or labour expenses, can improve profitability.
Access to research and development centres:
- Proximity to research institutions and innovation hubs can foster technological advancements and keep the business at the forefront of industry trends.
Featured Photo by Razvan Chisu on Unsplash.