Liverpool has the worst survival rate for startups in England, according to new research by the LEP Growth Dashboard.
The LEP Growth Dashboard analysed 39 Local Economic Partnership areas (LEPs) between 2009 and 2012 to map out the UK startup market.
Only 53.3% of new ventures were still running after three years in the central city region. Manchester came second with 57.8%, Birmingham with 58% and London with 59.7%.
The most favourable survival rates were found in Oxfordshire and North Yorkshire, where 68.4% and 68.1% respectively survived over three years.
The Black Country was the area boasting the highest proportion of high-revenue businesses, with 5.7% gaining a turnover of over £1m within three years of running.
Behind this area, London, Manchester and Liverpool were the most likely to reach £1m turnover, with a respective likelihood of 5.2%, 5.1% and 5%.
In terms of growth, the fastest growing firms were found in London, where 17.4% of firms showed employment growth of 20% per year or more over the period of the study.
Stephen Peacock, director at GrowthAccelerator, said:
“The findings show that rapid business growth can come from anywhere, regardless of sector or location. High growth is not accidental. The success of [these] businesses is largely down to the people that drive them forwards, who have a clear ambition for growth and plan to achieve it.”
Image by Heisenberg Media