Kent achieves record year for new businesses

News Posted 26/03/18
Kent bucks national trend with record year for new businesses.

Figures just published show that more new businesses were established in Kent during 2017 than in any previous year – in contrast to the national trend which saw an overall reduction in new company formations.

In terms of new companies, 14,860 were registered in the county compared to 14,577 in 2016.

During 2017, Kent also passed a significant milestone with over 100,000 companies now based in the county – finishing the year with 105,182, up from 98,931 at the end of 2016, which equates to 6.3% growth.

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

Medway formed the most new businesses (2,031), followed by Ashford (1,522) and Maidstone (1,379).

John Korchak, director of operations at Inform Direct said: “These record figures for new company formations during 2017 show that Kent continues to be a particularly fertile ground for entrepreneurs and new business ventures.

“The results buck the national trend which saw an overall reduction in the number of new company formations compared to 2016. This slowdown could be attributed, at least in part, to ongoing political uncertainty and concern in the business community over the impact of Brexit.”

Across the UK as a whole, there was a reduction in the number of new company formations – 634,116 compared with 664,720 at the end of 2016.

However the number of registered companies in the UK continued to grow, passing the 4,000,000 milestone during 2017 and finishing the year with a total of 4,120,349.

Of the 569,585 formations in England, 205,527 were in London. 34,002 companies were formed in Scotland, 17,408 in Wales and 7,398 in Northern Ireland.

To see a more detailed picture of company formations in Kent – including a full local breakdown, visit: www.informdirect.co.uk/company-formations-2017/kent/

Inform Direct Infographic - Company formations in Kent 2017

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