23rd Mar, 2017

Wychavon second best in county for new business start-ups in the last 12 months

NEW figures show Wychavon district has had the second highest number of new businesses starting in Worcestershire in the last 12 months.

The area’s annual tally is 897 is second only to Bromsgrove where there were 3,654.  Redditch was third on 571.

Overall, more new companies were registered in Worcestershire during 2016 than in any previous year – bringing the total number of companies in the county to more than 30,000 for the first time.

A total of 6,602 new businesses were registered compared to 3,572 in 2015. A significant number were formed by specialist business advisory companies, setting up companies for contractors in IT, construction and other industries.

The number of registered companies in the county now totals 33,436, up from 29,303 at the end of 2015, which equates to 14.1 per cent growth – almost three times the national growth of 5.4 per cent.

John Korchak, director of operations at Inform Direct, said: “These figures underline the positive entrepreneurial culture that fosters new company formations and drives economic growth.

“So far, at least, we’re not seeing evidence that the Brexit vote has dented confidence among those considering starting up in business.

“Worcestershire again delivered an impressive number of new companies in 2016 – more than in any previous year – demonstrating that it offers a fertile environment for new businesses to spring up and prosper.

“The number of companies in the county also passed the 30,000 milestone for the first time.”

Across the UK as a whole, there were a record-breaking 664,720 companies formed – up from 612,565 in 2015. The number of UK companies now stands at 3,962,909.

Of the 601,418 formations in England, 209,869 were in London. 35,502 companies were formed in Scotland, 15,795 in Wales and 7,389 in Northern Ireland.

To see the report in full visit:

http:/www.informdirect.co.uk/company-formations-2016/