Lincoln officially ranked 6th best place for business start ups

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Image courtesy of Electric Egg

Lincoln has been named as the sixth best place to start a new business in the UK, by company formation experts, Quality Formations.

In compiling the list, researchers marked each UK city on eight criteria: commercial property, energy, virtual office services, public transport, broadband service, workforce demographics, access to finance and quality of life. Subcategories, such as broadband download speeds and the current availability of prime office space.

By factoring in the living costs of bustling financial centres like London and Edinburgh, some of the UK’s most revered business hubs were downgraded in search of the country’s next up-and-coming startup scene and to find the easiest place in the UK to start a company.

The research showed that Lincoln boasts a well educated work force and good availability of prime commercial real estate at affordable rates. It also scored well on its internet speeds and quality of living, quoting accommodation prices for the average two-bedroom property coming in at just £525.00.

The company also ranked the absolute worst of the UK’s 69 cities in which to start a business and Hereford appears to have received the gong on this accolade.

In terms of commercial real estate, office space in Hereford is actually quite low at £12.10 per square foot; however, there just isn’t enough space to go around. Availability and selection are both poor. Moreover, virtual office prices are the UK’s most expensive after London and Edinburgh – yet without the benefit of choice and availability. Broadband speeds in the city are also slow at 9Mbps, and startups have limited access to region-specific grants.

Hereford isn’t alone. A vast majority of the UK’s small cathedral cities did not rank well as part of the study.