Extract from article by Maximilian Yoshioka, Lead researcher, Centre for Entrepreneurs
In January 2017, the Centre for Entrepreneurs shared some insights from their analysis of high-density postcodes – addresses that had hundreds if not thousands of new business registrations in 2016.
The latest Companies House data, as analysed by the Centre for Entrepreneurs (CFE), shows that business formation reached another record high in 2016 – with a total of 657,790 new businesses started. This builds on previous records of 608,110 in 2015 and 581,173 in 2014.
The UK’s major cities continued its dominance in generating the country’s entrepreneurial dynamism. As expected London lead with 205,325 businesses registered last year, followed by Birmingham (17,473), Manchester (9,416), Glasgow (7,845) and Leeds (7,645). Edinburgh, Bristol, Liverpool and Brighton also rank among the top 20.
“Glasgow’s surprising increase to out-rank Edinburgh – due to many entrepreneurs choosing to use a virtual office in the city centre – represents a wider trend where companies seem to be registering in their nearest major city rather than defaulting to a capital city address” said Matt Smith, director of the Centre for Entrepreneurs.
“The half million new businesses registered in homes and offices across the UK show that entrepreneurship continues to reach all corners of the country”, says Smith. At the same time, the ease of registration and prestigious addresses on offer have drawn many entrepreneurs to use company formation agents or virtual offices, with London attracting the lion’s share.
While businesses registered in homes, offices and local accountancy firms across the UK constitute the vast majority of the total (an estimated 550,000), the Centre’s analysis shows that over 50,000 founders have made use of company formation agents or virtual offices in major cities.
An interactive map showing the total start-ups for each local authority can be viewed at: http://startupbritain.org/startup-tracker/
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- On 26 February 2017
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