More enterprises opened in London last year than anywhere else in the UK.

Experts from The Cut & Craft analysed the latest Business Demography data released by the Office of National Statistics and found that, in 2022, 76,845 new enterprises opened.

The majority were in Westminster (6540), followed by Camden (4935) and then Hackney (4465).

When compared to the rest of the UK, London came first. 

Across the entire UK, 336,925 enterprises were born. 

Retail trade, except of motor vehicles and motorcycles saw the most births (29,420), followed by Specialised construction activities (28,365) and Food and beverage service activities (26,155). 

Oscar Akgul, owner of restaurant and cocktail bar The Cut & Craft who conducted the research, is very happy with the strong showing from the sector. 

"It’s amazing to see the industry performing so strongly and people continuing to trust us for a great experience. 

“Especially after the hardship of Covid and lockdown, and the impact the Cost-of-Living crisis is having on everybody, not just business owners, but customers too, it’s heart-warming to see the sector continue to grow and develop.” 

“We look forward to seeing how 2024 continues to fare as we ourselves look to expand our restaurants into new areas across the UK.” 

Oscar has these top tips for opening a restaurant: 

  • Do your homework and understand the clientele needs in your area.  
  • Your products and services must be in line with the market needs.  
  • Understand PR marketing and learn how to use social networks.  
  • Invest in the right people and only work with the individuals who share the same passion as you.  
  • Create what’s special about your venue/ products/ location/building/ prices. Be clear about your brand.