Successful year for company start-ups In Northumberland

A total of 1,554 new formations were registered in Northumberland during the last

12 months, an increase on 2022 when 1,527 were recorded. This brings the number of registered companies in the county to an all-time high of 12,830.

The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

John Korchak, Managing Director at Inform Direct said: “It is excellent news that Northumberland can celebrate a successful year for new company formations during 2023.

“The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events. However, the formation figures demonstrate very clearly that Northumberland entrepreneurs remained undeterred and pursued their ambitions to establish new ventures.

“This positive picture is mirrored in the overall position for the UK which saw the highest ever number of new companies established during 2023. The total number of UK formations exceeded 900,000 for the very first time.”

The UK saw 900,006 new companies, compared to 805,141 in 2022, which represents an increase of 11.8%. It brings the total number of UK companies to a record 5,476,772.

Dissolutions of UK companies totalled 662,915, an increase on the 578,679 companies dissolved in 2022.

To see a more detailed picture of company formations in Northumberland – including a full local breakdown – visit:

https://www.informdirect.co.uk/company-formations-2023/northumberland/

To see the report in full, visit:

https://www.informdirect.co.uk/company-formations-2023/

Inform Direct is a company secretarial and formation specialist. Its award-winning company secretarial and formations software currently supports 350,000 UK companies.