Company formations on the up in Coventry

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Figures in the latest Duport Business Confidence Report have revealed a record number of company formations during the first six months of the year.

View of Coventry

The record number of company formations we have seen so far this year is a good sign that the economy of Coventry is picking up, especially as company closures are also decreasing.

There have been more new company registrations than ever before during the first half of the year in Coventry. The January - June period saw 1450 new companies formed in the city, more than any other half year on record. The figure also represents a 12% rise when compared with the same period in 2011.

The rise in company formations could be related to the Coventry and Warwickshire Enterprise and Business Growth scheme that was announced in February. The £5 million scheme aims to help more than 1,600 people set up new businesses and aid a further 360 existing ventures to grow.

Communities minister, Baroness Hanham said of the scheme:

“In the current economic climate it is vital that we are able to offer hands-on, practical support to local people and their businesses.

"This new package will do just that – from getting new ideas up and running, help with taking current businesses to the next level or simply a small amount of finance to help pay those initial costs.”

As well as a rise in new companies, data in the Duport Business Confidence Report also shows a drop of over 16% in company closures during the first half of 2012.

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

“The record number of company formations we have seen so far this year is a good sign that the economy of Coventry is picking up, especially as company closures are also decreasing.

“The investment that is being put into supporting business start-ups should pay dividends in the future as it will help new businesses grow and develop, creating wealth and job opportunities in the area.”

The figures in the Duport Business Confidence Report show Coventry is a town that, although not unaffected by the recession, is doing well in challenging economic conditions.

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