Devon celebrates successful year for new businesses in 2017

Figures just published show that 5,615 new companies were formed in Devon during 2017 – demonstrating that the county provides a supportive environment for new business ventures.

This brings the total number of registered companies in Devon to 48,848, up from 47,095 at the end of 2016, which equates to 3.7% growth.

The statistics come from the Inform Direct Review of UK Company Formations using data from Companies House and the Office for National Statistics.

Plymouth formed the most new businesses (1,214), followed by Exeter (741) and Torbay (721).

John Korchak, Director of Operations at Inform Direct said: “These figures for new company formations during 2017 show that Devon continues to be a fertile ground for entrepreneurs and new business ventures.

“Although a successful year, there was a fall in the number of new businesses established in 2017, compared to the previous year – 5,615 versus 5,703 in 2016 – which mirrors the national trend. This slowdown could be attributed, at least in part, to ongoing political uncertainty and concern in the business community over the impact of Brexit.”

Across the UK as a whole, there was a reduction in the number of new company formations – 634,116 compared with 664,720 at the end of 2016.

However the number of registered companies in the UK continued to grow, passing the 4,000,000 milestone during 2017 and finishing the year with a total of 4,120,349.

Of the 569,585 formations in England, 205,527 were in London. 34,002 companies were formed in Scotland, 17,408 in Wales and 7,398 in Northern Ireland.

To see a more detailed picture of company formations in Devon – including a full local breakdown, visit: http://www.informdirect.co.uk/company-formations-2017/devon/

To see the report in full visit: https://www.informdirect.co.uk/company-formations-2017/