Business boom: Record number of companies set up in Manchester – with five-year high for UK
Entrepreneurial spirit is flourishing in Manchester with the month of March scoring a record number of newly registered businesses.
A total of 1,033 limited companies with offices in Manchester were created, according to the latest Companies House data analysed by formation agent Duport Associates.
Manchester broke its own record of new business start-ups, surpassing the 1000 mark per month and beating previous highs of 934 registered companies in February 2012 and 919 back in 2007.
Peter Valaitis, managing Director of Duport, said: “Whilst journalists and politicians perpetuate stories about doom and decline, it’s clear that the people of Manchester remain motivated and mobilised. They are letting their entrepreneurial spirit shine during a time when the country needs it most.”
Figures for the region show that Greater Manchester experienced its third highest month ever for official company registrations with a total of 2114.
Along with the boom of new start-ups, there is also a trend of large corporations moving their bases out of London to reap the benefits of the North and take advantage of cheaper cities.
A recent move was the opening of BBC's new base in Salford.
The Manchester Office Agents Forum said that take-up of office space in the city has also increased by 36% in the first three months of 2012.
Earlier this month, statistics showed that February 2012 saw more new companies registered per day in the United Kingdom than in any month for five years.
Tha data revealed that on average 1481 companies were formed each day throughout February.
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This number was beaten only back in February and March 2007, when changes to taxation regulation resulted in an unnatural surge in registrations.
“This is a fantastic sign for the UK economy. As the media continues to lament the recession, it’s clear that individuals are taking matters into their own hands and dragging the UK towards a new era of growth,” said Mr Valaitis.
As the recession hit in 2008, entrepreneurs became cautious and the number of new start-ups fell by 24%. Since then, new business registrations have been on the rise.
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