Latest figures show that more new businesses were established in Nottinghamshire during 2021 than in any previous year – despite the continuing economic challenges resulting from the pandemic.
In total 8,810 new companies were registered in the county, bringing the total number of registered companies in Nottinghamshire to 58,780.
The statistics come from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.
Nottingham formed the highest number of new businesses (3,255), followed by Mansfield (1,091) and Broxtowe (976).
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 2021 despite the continuing challenges of the pandemic.
“This demonstrates an active economy with entrepreneurs motivated to invest in new businesses which meet current and emerging demands for goods or services. The overall picture for the UK as a whole is also an optimistic one with the total number of companies now exceeding five million for the very first time.”
The UK saw 771,617 new businesses formed, compared to 780,760 in 2020. The overall number of UK companies totalled 5,005,147, a 3.5% increase on the total of 4,837,426 at the end of 2020. This continues a ten-year trend which shows the number of businesses in the UK doubling in that period.
Whilst company formations grew, the number of dissolutions across the UK – 606,912 during 2021 – hit a record high. Reasons for this may be that new enterprises set up early in the pandemic may no longer be operating as people have returned to full-time employment or businesses thriving pre-COVID-19 have suffered as behavioural and spending patterns have changed.
