Business is booming in Gloucestershire, with the number of registered businesses in the county reaching a record high in 2021.
There were 56,711 registered businesses operating in Gloucestershire in 2021, with 6,357 of those being new businesses registered that year – up 2.9 per cent compared with 2020.
South Gloucestershire took the top spot for new businesses registered, while Gloucester had the second highest number at 1,046 and Cheltenham had the third highest at 1,024.
The majority of businesses formed were private limited companies.
The statistics come from the Inform Direct Review of Company Formations, compiled with data from Companies House and the Office for National Statistics (ONS).
Inform Direct operations director, John Korchak, said: ‘It is excellent news to see so many new businesses being started in Gloucestershire, a trend which has propelled the county to a new record number of resident companies.
‘Gloucestershire boasts an active economy, demonstrated by this latest increase in the number of businesses based in the county. Entrepreneurs are clearly motivated to invest in new businesses which meet current and emerging demands for goods or services.
‘The overall picture for the UK as a whole is also an optimistic one with the total number of companies now exceeding five million for the very first time.’
Gloucestershire ranked 32nd in England for new companies formed in 2021, with London, the West Midlands and Greater Manchester forming the top three.
It also outperformed all but one of its neighbouring counties, with its total number of businesses being beaten only by Somerset.
Dissolutions in the UK also hit a record high in 2021, but Gloucestershire fared well – as although 5,435 county businesses dissolved in 2021, there were 922 more businesses formed than which were dissolved.
The positive news comes after the future of GFirst LEP was secured by the government, with the powerful business-led group set to be at core of decision making going forward. Over the last 10 years, it has secured over £112 million of funding for the county and provided vital support to help local businesses thrive.
Despite the huge economic challenges of the pandemic, Gloucestershire is clearly bucking the trend and proving itself to be a fantastic place to do business.