The town ranked fourth in a list compiled by IT service software company InvGate.

The company analysed data from the Office for National Statistics to find the number of registered businesses in local authorities across the UK in 2022 and 2023.

The final ranking was determined by the local authorities with the greatest percentage increase of new businesses from 2022 to 2023.

Oldham saw a 3.98 per cent increase in new businesses between 2022 and 2023, growing from 7,155 businesses in 2022 to 7,440 in 2023, a total increase of 285 establishments.

The transport and storage industry saw an increase of 65 businesses, while the construction industry gained 55.

Torfaen topped the list, with an 11.74 per cent increase in new businesses between 2022 and 2023.

The area grew from 2,215 businesses in 2022 to 2,475 in 2023.

Blackpool came second, with a 7.24 per cent increase in new businesses between 2022 and 2023.

The town recorded a gain of 280 establishments, going from 3,870 in 2022 to 4,150 in 2023.

North Warwickshire came third, with an increase of 5.03 per cent in business establishments between 2022 and 2023.

The number of businesses grew from 2,785 in 2022 to 2,925 in 2023.

Ariel Gesto, CEO of InvGate, commented on the findings: “Choosing the right location is one of the most important factors for any startup.

“The top 10 ranking could be an indication that smaller cities offer greater opportunities to build a business in a less crowded market.

“Rather than jumping straight in with London or Manchester, one could grow their establishment in a smaller area and then branch out to the highly populated areas later down the line.”

Wyre Forest had the lowest increase in businesses, at -12.25 per cent.

The area recorded a loss of 580 establishments, going from 4,735 in 2022 to 4,155 in 2023.