Re: Why always London?
Because the cost of running a startup in central london is exorbitant. A single room 'office' in a central location, like what Telefonica are offering, would put you back in the region of £2k/month. A tiny flat is in the region of £1000 pcm, and that is a long way from the business centre. In Merseyside, I would imagine that things are significantly cheaper.
London is also the financial centre of Europe (arguable) and the cultural and economic centre of the UK (distasteful but true), so you have lots of companies that may be interested in what you are doing (and hence you may be able to sell to), and you also have access to a diverse job market - London is packed full of young, well educated EU graduates.
Liverpool doesn't have the depth of talent and skills you can find in London. You're more likely to make a successful startup in London than in Merseyside, and Telefonica aren't doing this to be cool, or to be sociable, they're doing it to make $$$.