Shropshire celebrates successful year for new business

The 2,474 newly-formed firms brings the total number of registered companies in Shropshire to 21,473, up from 20,422 at the end of 2016, which equates to 5.1 per cent growth.

Telford and Wrekin formed 817 of the new businesses, with the remaining companies established elsewhere in the county.

Meanwhile, 1,769 businesses across the county dissolved during 2017, figures show.

Richard Sheehan, chief executive of Shropshire Chamber of Commerce, said: "Shropshire has a tradition of significant business start-ups year-on-year so another good result should not be a surprise.

"When people take that leap of faith to follow their dream of owning a business it is vital that they can access support to ensure sustainability.

"Despite the fact that we cover a large geographic area, connectivity to support continues to play its part in business growth and development. With a strong chamber of commerce and good Federation of Small Businesses representation, people know help is at hand. It is true to say that uncertainty around Brexit and the future business landscape is effecting confidence, but it also provides opportunity as people look for more local contacts and explore supply chain outside of the EU.

"However we must not rest on our laurels as fledgling businesses need an environment to thrive with good quality infrastructure and support that is the best it can possibly be."

The statistics come from the Inform Direct Review of UK Company Formations https://www.informdirect.co.uk/company-formations-2017/ using data from Companies House and the Office for National Statistics.

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

"Although a successful year, there was a fall in the number of new businesses established in 2017, compared to the previous year – 2,474 versus 2,496 in 2016 – which mirrors the national trend. 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 Shropshire – including a full local breakdown, visit www.informdirect.co.uk/company-formations-2017/shropshire/