London entrepreneurs face a bill of almost £30,000 to start their business according to new figures

 
Mark Sands
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Startup costs in Brixton's Bowie money are unknown. (Source: Getty)

London entrepreneurs face a bill of almost £30,000 to start a business, according to enterprise finance provider LDF.

In a survey of 850 small and medium sized businesses, LDF found that starting a business in London is less expensive than seven other UK cities.

However, the bill of £28,742 faced by an average London entrepreneur still dwarfs the costs for their peers in the cheapest location found by LDF - Newcastle.

Businesses by the Tyne often more than £10,000 less to get off the ground, at just £17,008.

But Londoners and Geordies alike will be thrilled to avoid the costs faced by businesses in Manchester, which is the most expensive place to launch a business, with an average cost of £44,733.

The research also highlighted which industries need the most cash to start a business, finding that costs for leisure and motoring startups dramatically outweigh those many other sectors at £79,137 and £64,948 respectively.

By contrast, marketing, communications and design businesses all saw startup costs of less than £7,000.

THE FULL CITY RANKINGS

  1. Manchester £44,733

  2. Glasgow £41,936

  3. Norwich £39,910

  4. Brighton £30,901

  5. Bristol £30,895

  6. Birmingham £30,817

  7. Plymouth £29,784

  8. London £28,742

  9. Nottingham £27,236

  10. Belfast £23,164

  11. Edinburgh £22,990

  12. Sheffield £21,490

  13. Leeds £20,755

  14. Cardiff £19,569

  15. Liverpool £18,880

  16. Southampton £17,965

  17. Newcastle £17,008

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