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Reading named number 2 in top 5 UK towns for Start Ups

08:33 06 October in Berkshire, News, Talent and Innovation

Funding, networking and mentoring are keys steps to success and growth for any new business according to Metro Bank, as the UK reports a 12% increase in new businesses in 2020 and Reading is named as one of the UK’s the top five towns for start-ups. This is based on a number of key factors including internet speeds, best rates of production, office prices and business survival rates according to a new study by Fasthosts.

The top five towns for successful start-ups have been named as

1   Luton

2   Reading

3   Nottingham

4   Edinburgh

5   Central London

“As Reading is the second highest contributor to UK GDP outside of the London urban areas we will continue to attract business to the area and we have seen a 10% increase in start-ups banking with us in recent month post lockdown restrictions. We are starting to put plans in place for in store networking to support the local community and we are working with the local Sterling Networks to facilitate this.

“Regardless of their turnover, we assign every business customer a relationship manager.  We know this type of support is vital to start-up businesses as they navigate early challenges – to have a trusted contact on hand with many years of banking experience is invaluable. We have supported many local start-up businesses from serviced office space to logistic companies but we have seen a lot of business from the service, hospitality and leisure sectors.  The main focus for funding existing businesses at the moment is the Recovery Loan Scheme.

“It was great to see that a recent PWC report ranks Reading second only to Oxford among UK towns to withstand the major economic shock generated by the pandemic.  This is due to the mix of sectors, the economic and social indicators and it is demonstrated by Reading’s success in recent years in creating jobs, high incomes, good quality of life/health, high levels of skills in the workforce and strong levels of business creation.”

Metro Bank Area Director, Simon Neale.