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Business registrations hit record high last year

Business registrations hit record high last year

Official data collated by the Centre for Entrepreneurs shows that new company formations grew by more than 13% in 2020. There were a record 772,002 businesses registered at Companies House last year, compared with 681,704 in 2019. The analysis shows that following an initial dip during the first lockdown, every region experienced continual growth in business start-ups from June onwards. There was marked growth in the creation of companies related to the COVID-19 crisis, including the manufacturing and retail of medical goods. However, the pandemic’s impact on the hospitality sector was evidenced in a 33% drop in registration of licensed nightclubs, a 19% fall in new bars and pubs and a 16% decline in hotels. Whilst some caution was issued by the Centre for Entrepreneurs about the overall data potentially reflecting tax avoidance schemes in some areas, it believes the growth in formations was driven largely by the pandemic, with “new ideas, new demands, and businesses keen to bounce back.”

Read more: The Times


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