Norfolk sees surge in number of new businesses being formed
Norfolk has seen a record number of new companies formed in the past year, despite the challenges of Covid-19.
The figures mark the third year in a row that annual figures for new company formations have hit record levels.
The statistics – presented by Inform Direct – are based on data from Companies House and the Office for National Statistics.
It states that 5,006 new companies were registered in the county in 2020 – compared to 4,731 during 2019, an increase of 5.8 per cent.
This brings the total number of registered companies in Norfolk to 41,185 – up from 38,911 at the end of 2019.
The county passed the 40,000 milestone for the first time in July 2020, with Norwich forming the highest number of new businesses (1,273), followed by west Norfolk (777) and Breckland (706).
John Korchak (pictured), operations director at Inform Direct, said: “It is excellent news to see that Norfolk has achieved a record year for new company formations during 2020, despite the unprecedented uncertainties brought by the pandemic.
“Many of the new company formations are in the retail sector, with a large number of new businesses set up to sell goods online or locally, thereby taking advantage of customers’ changing shopping habits.
“Secondly, the effect of the pandemic and national lockdowns means that, sadly, some existing businesses have folded and employees made redundant, and we see many of those people setting up new ventures on their own as an alternative way to earn a living.
“2020 was a year like no other for UK businesses. Although we can look forward to a brighter future with the vaccination programme, there remain unknown factors, such as how quickly the economy will recover and, of course, the impact of Brexit.”
Alongside Norfolk’s achievement,its Suffolk counterpart hit a record high for the third year in a row.
A total of 5,105 new companies were registered in the county in 2020, compared to 4,518 during 2019 – an increase of 13 per cent.
This brings the total number of registered companies in Suffolk to 39,507, up from 36,907 at the end of 2019, which equates to seven per cent growth.