Figures just published show that Yorkshire enjoyed a successful year for new company formations during 2018 – with North Yorkshire and West Yorkshire welcoming record numbers of new businesses.
The statistics come from the Inform Direct Review of UK Company Formations using data from Companies House and the Office for National Statistics.
Record years were seen in North Yorkshire where 6,822 new companies were registered in 2018, compared to 6,766 in 2017 and in West Yorkshire where 18,204 were registered in 2018, compared to 16,604 in 2017.
South Yorkshire also saw an increase in the number of new businesses being established, with 8,542 compared to 8,325 in 2017.
The East Riding of Yorkshire experienced a reduction in the number of new businesses, falling to 3,195 from 4,646 in 2017.
Overall, Yorkshire saw 36,763 new companies being established, up from 36,341 at the end of 2017 and is now home to a total of 254,419 businesses, an increase on the total of 246,786 at the end of 2017.
John Korchak, director of operations at Inform Direct, said: “These figures for new company formations during 2018 show that Yorkshire as a whole continues to be a fertile ground for entrepreneurs and new business ventures. Both North Yorkshire and West Yorkshire achieved record years in terms of new businesses, with growth in South Yorkshire too.
“The fall in the East Riding of Yorkshire could be the result of a number of different factors, including a background of political and economic uncertainty surrounding Brexit. There were also particular local factors, with a high proportion of companies formed by a few agents in 2017 either dissolved or moved out of the East Riding of Yorkshire in 2018.”
Across the UK as a whole, a record number of new companies were formed– 669,855 compared with 634,116 in 2017.
The number of registered companies in the UK also continued to grow, finishing the year with a total of 4,308,022.
To see the report in full visit https://www.informdirect.co.uk/company-formations-2018/