A record year for new businesses in Nottinghamshire

Nottinghamshire welcomed a record number of new businesses last year, despite the impact of the coronavirus pandemic.
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A total of 8,760 new companies were registered in the county compared to 7,348 during 2019, representing an increase of 19.2 per cent.

This brings the total number of registered companies in Nottinghamshire to 56,199, up from 51,677 at the end of 2019, which equates to 8.8 per cent growth.

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

John Korchak, operations director at Inform DirectJohn Korchak, operations director at Inform Direct
John Korchak, operations director at Inform Direct

Broxtowe welcomed 730 new companies bringing its total to 5,064, Ashfield saw 635 new companies registered bringing the total to 3,691 and Gedling had 744 new companies register bring the total to 4,874.

Nottingham formed the highest number of new businesses with 3,592, followed by Rushcliffe with 881 and Mansfield with 804.

John Korchak, operations director at Inform Direct, said: “It is excellent news to see that Nottinghamshire has achieved a record year for new company formations during 2020 despite the unprecedented uncertainties brought by Covid-19.

“Many of the new company formations are in the retail sector, with a large number of new businesses set up to sell goods online or locally, thereby taking advantage of customers’ changing shopping habits.

"Secondly, the effect of the pandemic and national lockdowns means that sadly some existing businesses have folded and employees made redundant, and we see many of those people setting up new ventures on their own as an alternative way to earn a living.

“2020 was a year like no other for UK businesses. Although we can look forward to a brighter future with the vaccination programme, there remain unknown factors such as how quickly the economy will recover and of course the impact of Brexit.”

Alongside Nottinghamshire’s achievement, the UK as a whole saw a record-breaking 780,766 new businesses formed, compared to 690,763 in 2019.

The overall number of UK companies also continued to grow to 4,837,426, an 8.2 per cent increase on the total of 4,471,008 at the end of 2019.

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