Infographic: How Cambridgeshire bucked the national trend for establishing new businesses in 2017
PUBLISHED: 18:21 07 February 2018 | UPDATED: 18:42 07 February 2018
More than 1,500 formed in South Cambs and 934 in Cambridge
More new businesses were established in Cambridgeshire during 2017 than in any previous year, new figures reveal.
That is a contrast to the national picture, which showed an overall reduction in new company formations.
As the infographic below shows, some 6,384 were registered in Cambridgeshire compared to 6,208 in 2016, taking the total number registered to 46,059, up from 43,412 the previous year – a growth of 6.1 per cent. The most new businesses were formed in Peterborough (1,779), followed by South Cambridgeshire (1,530), Huntingdonshire (1,157) and Cambridge (934).
In Cambridge, East Chesterton saw the greatest net increase in businesses, with 50 more incorporations than dissolutions, while Petersfield saw a decline in numbers of 48.
The statistics come from a review of UK company formation by Inform Direct, a secretarial software company in Ipswich, using data from Companies House and the Office for National Statistics.
John Korchak, director of operations at Inform Direct, said: “These record figures for new company formations during 2017 show that Cambridgeshire continues to be a particularly fertile ground for entrepreneurs and new business ventures.”
There was a slowdown in the UK as whole in 2017, with new company formations falling to 634,116 from 664,720 in 2016, although the number of registered companies grew to 4,120,349.
“This slowdown could be attributed, at least in part, to ongoing political uncertainty and concern in the business community over the impact of Brexit,” said John.
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.