Plymouth breaks 5 year record high for new businesses

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According to findings by formations experts Duport Associates Ltd, Plymouth has broken its record for new company formations in March 2012.

this record-beating month shows that Plymouth is heading in the right direction, with plenty of optimistic entrepreneurs starting up new firms in the city

Bristol: The previous record high of 108 company formations was set in March 2007, this has now been smashed in March 2012 with 126 new companies formed with registered offices in Plymouth, according to official figures from Companies House data.

“Plymouth is absolutely booming,” stated Peter Valaitis, Managing Director of Duport Associates, “this record-beating month shows that Plymouth is heading in the right direction, with plenty of optimistic entrepreneurs starting up new firms in the city.”

According to the SIC codes of the new company formations, some of the most popular areas for new start-up firms involved real estate and property development.

With the £83million development of the Plymouth Pavilions site gathering pace, it could be that the investment in the area has encouraged entrepreneurs to take advantage of the opportunities it can provide.

The current plans for Plymouth Pavilions involve demolishing the current fun pool and ice rink, to be replaced by a new Arena which will be linked to the city centre by a boulevard with opportunities for bars, restaurants and accommodation.

Should the project go ahead as planned, there will also be development to Home Park, ground of local football team Plymouth Argyll. Before the present ice rink at Plymouth Pavilions can be demolished a new one will be built at Home Park along with a new grandstand for the stadium.

With the proposed new developments for Plymouth gathering speed and support, this could be the major factor behind the new boom in company formations, particularly in view of the number of start-ups in the real estate and property development industries.

Duport Associates Ltd is a leading UK company formation agent, operating in the UK for around 15 years. Duport registers around 10,000 new companies each year using its Companies House approved software. The Company Register which is maintained by Companies House contains public information about Limited companies and directors.

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Peter Valaitis