BROMSGROVE is one of the biggest entrepreneurial hotbeds in the country outside of London, according to figures from a new influential report.

Statistics show the town is outperforming the majority of major cities and towns in the country for the number of new companies being set up, per population size.

The town ranks fourth in the index of all non-London parliamentary constituencies - with only Birmingham Ladywood, Glasgow Central and Warrington South ahead of it.

In 2018, 3,572 new companies were launched in Bromsgrove, which has a population of almost 72,000 people - meaning 49 firms were launched per every 1,000 people.

As a comparison, across the country the average figure was 9.34 per 1,000 people, making Bromsgrove more than five times better than the average.

Mark Halstead, managing director of Red Flag Alert, the company that produced the inaugural edition of Entrepreneurial Hotspots of the UK, said: “London is by far and away the first choice for those registering new companies.

"That is because of the international investment into the capital, the volume of companies set up to handle corporate transactions in the city and the desire for many firms to brand themselves as a London-based firm.

“But Bromsgrove benefits from having access to world class professional services on its doorstep, excellent transport links and geographically it sits centrally in the UK.

"Major investment and initiatives to encourage new businesses to start in the area is paying dividends.

"The fact that the West Midlands is pioneering the use of 5G is a huge advantage for the regional economy.

"The public sector has worked well with the private sector to create a hotbed of entrepreneurial talent."

“Success factors for those entrepreneurial constituencies at the top of the list include not just the political makeup but the quality of business support services.

"This could be services that are publicly funded organisations or private sector support services businesses in the area.

“Lifestyle is also a key factor which influences the choice of location for entrepreneurs.

"We found that younger entrepreneurs in particular are less enticed by big cities and more by amenities, culture and quality of life."