Number of New Companies in Nottingham Reaches Record High

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Research by business formation agent Duport.co.uk shows a record number of new companies being formed in the first half of the year.

Nottingham businesses

Nottingham is a city on the up. It has showed resilience in the face of a declining manufacturing industry and is working hard to become a diverse and dynamic business centre.

Nottingham: Economic growth in Nottingham has been boosted by a record number of new companies being set up in the first half of 2012. 1945 new companies were formed between January and July, compared to 1792 during the same period in 2011.

Many of the traditional manufacturing industries that made Nottingham a successful business hub in the past have now gone, but growth in the city looks set to continue with the emergence of a dynamic new services sector.

Nearly 9 out of 10 jobs are in the services industry, but Nottingham City Council have just released the Nottingham City Growth Plan which aims to diversify business in the area. The plan aims to sustain the services industry but also to stimulate a “manufacturing renaissance” and nurture emerging industries, such as digital content and clean technology.

There is no shortage of entrepreneurial talent in the city, thanks to two world-renowned universities and a young population, with 2 out of 5 residents under the age of 24. Several schemes have been set up to foster new business, such as the Generation Y programme, which provides advice, support and training to 16 - 35 year olds who want to start their own company.

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

“Nottingham is a city on the up. It has showed resilience in the face of a declining manufacturing industry and is working hard to become a diverse and dynamic business centre. The number of new companies that have been set up so far this year show that the support available to business start-ups is working wonders for the area.”

With an active approach to growing and diversifying business, Nottingham has high hopes of making itself less dependent on the services industry and so strengthening the local economy for future generations.

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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Tom Valaitis