Haggards Crowther mirrors the national picture with a record year for new company formations in 2019
3rd February, 2020
In January, The Centre for Entrepreneurs released data from Companies House showing a record number of new businesses were started in 2019, a stat reflected here at Haggards Crowther. New company formations nationally totalled 681,704 in 2019, up 2.8% on the previous year. As if to confirm our own experience, the research showed that London was the No 1 place for starting a business, while Leicester, Glasgow and Bristol also saw increases in the number of companies formed.
Tim Haggard, Partner at Haggards Crowther, comments “I knew that we were busier than usual with new company enquiries in 2019 but it wasn’t until I read this news that I went back and looked at our own records on new company formations and realised it was also a record year for us too”. He continues “During the year, we published two new pieces of literature designed to help people in the process of considering starting their own business. The FAQ documents, which are available for free via our website, were written to respond to the increase in enquiries and advise being sought”.
The research picked out two key stats on the types of businesses being established, identifying that the number of new tech start-ups was 43,765 and new takeaway food shops and mobile food stands numbered 14,259.
Tim Haggard concludes “We have seen spikes in new company formations before, typically around peaks in unemployment as individuals seek to generate some form of income. These often end up like fireworks, with a similar spike in strike offs within a few years. But let’s hope this record year is different and delivers stable and sustainable businesses that help to provide a post Brexit boost to the economy”.