New company formation boom in Newport

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The first half of the year saw a record-breaking number of new company formations in Newport, according to data in the latest Duport Business Confidence Report for the area.

The new shopping centre is due for completion in 2015

Newport is a dynamic, growing city that is becoming more and more important attractive to new businesses.

Newport: During the first six months of the year, there were 416 new companies set up in Newport, beating any other half year on record for the city. This figure also represents an impressive 13.4% rise on the same period in 2011. More information on company formation in Newport can be found in the full Duport Business Confidence Report at http://www.duport.co.uk/newportnewport.

The economy of Newport has changed dramatically over the last 50 years. The steelworks industry that boomed during the 60s gave way to a new range of public sector employers in the 80s, and town is now home to headquarters of a number of high-profile organisations including the British Red Cross and the Office for National Statistics.

The record half year could be due the fact that Newport is currently undergoing a large regeneration project. Redevelopment of the railway station is already complete, as is the iconic Riverfront Arts Centre. A £210 million city centre shopping complex known as Friars Walk, including a Debenhams department store and a multiplex cinema, are due to be completed in 2015. Newport has also been ranked the 3rd best city for office locations outside of London, adding to its appeal to business start-ups.

Managing Director of Duport.co.uk, Peter Valaits said:

“Newport is a dynamic, growing city that is becoming more and more important attractive to new businesses.

“The record number of new company formations in the first half of this year is great news for the area and should help broaden its economic base still further.”

The Duport Business Confidence Report contains further facts and figures on Newport, including both up-to-date and historical data that shows how the town has changed over recent years.

Duport Business Confidence Reports are generated and released by Duport Associates Ltd. The data contained in these reports is assimilated and analysed by Duport using public record data from sources including Companies House, Office for National Statistics and Ordnance Survey. Duport Associates Ltd is a leading UK company formation agent, established in 1997 and registering around 10,000 new companies each year through its Companies House approved software.

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Tom Valaitis