Record year for new business In Devon

New figures just out show that more new companies were registered in Devon during 2016 than in any previous year.

A total of 5,703 new businesses were established in the county compared to 5,394 in 2015.

The number of registered companies in Devon now totals 47,095, up from 44,917 at the end of 2015, which equates to 4.8% growth.

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

Plymouth formed the most new businesses (1,189), followed by Exeter (882) and Torbay (778).

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;

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

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 a more detailed picture of company formations in Devon – including a full local breakdown, visit: http://www.informdirect.co.uk/company-formations-2016/devon/

To see the report in full visit: http:/www.informdirect.co.uk/company-formations-2016/