County bucks national trend on new firms setting up

John Korchak, director of operations at Inform Direct, the company that released the figures. (PHOTO BY: Keith Mindham Photography).

Across the country, there was a reduction in the formation of fresh companies as worries over Brexit intensified. But in Nottinghamshire, 6,937 were registered, compared to 6,642 in 2016, according to new figures just released.

This brings the total number of registered firms in the county to 47,771, up from 45,573 at the end of 2016, which equates to growth of 4.8 per cent.

“These figures show that Nottinghamshire continues to be a fertile ground for entrepreneurs and new business ventures,” said John Korchak, director of operations for Inform Direct, the secretarial software specialists who compiled the statistics.

A snapshot of the official figures that have been released for the county.

“The results compare favourably to the slowdown nationally, which could be attributed to the ongoing political uncertainty and concern in the business community over the impact of Brexit.”

Within specific areas of the county, Nottingham formed the most new businesses, with 2,810, followed by Rushcliffe with 780 and Bassetlaw with 606. In Mansfield, the figure was 584, in Ashfield 447 and in Newark and Sherwood 577. A total of 6,432 businesses were also dissolved during the year.

Inform Direct’s review was compiled using data from Companies House and the Office for National Statistics.

Across the UK as a whole, there was a reduction in new company formations from 664,720 in 2016 to 634,116.