Record number of companies being set up, according to research

A record number of companies are being set up every hour, says StartUp Britain's research.

Their research showed that 342,927 new companies registered with Companies House this year between January and June. This means 80 companies are being set up each hour, already beating last year’s record pace of 70 new company registrations per hour.

Locations

The figures showed that the majority of startups outside of London are being created in Bromsgrove in Worcestershire, with 29 startups created for every 1000 residents between January and June.

Other popular locations for startups outside of London include East Hertfordshire, Lichfield in Staffordshire and Warrington in Cheshire.

London itself saw a high number of startups being created, with 500 startups created for every 1000 residents; though this was mainly due to the large amount of office space in the Square Mile.

Challenge

Commenting on the research, Director at The Centre for Entrepreneurs, Matt Smith, said: “Entrepreneurship is a personal endeavour and there will always be risk and uncertainties. Britain is on-track to beat last year’s record figure for startups.

“There’s been no slowdown in business formation - entrepreneurs by their nature will rise to the challenge,” he added.