Salford has outranked London as the UK’s hotspot for startup growth this year.
According to data released by DueDil, a London-based company information platform, Salford produced 1,393 startups in Q1 2017.
The data also showed that Salford experienced a startup growth rate of 85.49% for the same period last year.
Leicester came in second, having shown a startup growth of 34.45% YoY. Norwich, Liverpool and Oxford also made the top five.
London, however, experienced somewhat modest startup growth (5.12% YoY) in comparison.
Despite this, the capital city continued to produce more startups that anywhere else in the UK, with more than 57,000 firms founded in the capital during the first quarter of this year.
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Additionally, the data showed that although they showed comparatively slower growth, London, Birmingham, Manchester, Glasgow and Leeds were the top producers of startups from January to March 2017.
Justin Fitzpatrick, COO and co-founder of DueDil said: “Interestingly, just a handful of the UK’s major cities made the overall top 20 for startup growth, with cities such as London, Birmingham, Glasgow and Leeds all absent from the top rankings, suggesting that they are slowly losing their grip on their status as the UK’s startup growth.”
“The overall decrease in startup growth across the UK, is perhaps demonstrating a cautious attitude towards enterprise with Brexit looming. Banks and alternative finance providers have an opportunity to play a role in growth through investment,” concluded Fitzpatrick.
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