The rate of company closures has more than halved since 2009, showing that that the area is starting to recover from the worst effects of the recession.
Nottingham, UK (PRWEB UK) 21 September 2012
Company registrations in Nottingham reached an all-time high during the first half of this year. 1945 companies were formed, the highest half-year figure on record for the city. The second quarter of the year was also highly successful, with more companies being formed than any other second quarter on record.
Nottingham’s GVA has consistently grown since 1995 and now stands at £12.1 billion, which leads the way in the East Midlands region. Economic growth has taken place in the financial services sector, ICT, biotechnology, low carbon technologies and the creative industries.
Some of the largest employers in the area include Boots, Capital One, law firm Browne Jacobson and Siemens. Over 50 companies have chosen Nottingham as their headquarter base - suggesting that the current drive to attract investors into the area is having a positive effect.
As well as a growth in new company registrations, there has been a drop in the number of company closures. During the first half of the year, 1092 companies were closed, representing a 13% decrease when compared to the same period in 2011. The highest ever rate of closures for a first half year occurred in 2009, when 2255 companies were dissolved.
“The fact that there has been a record number of company registrations in Nottingham during the first half of 2012 is a great sign for the economy”, said Managing Director of Duport.co.uk, Peter Valaitis.
“Also, the rate of company closures has more than halved since 2009, showing that that the area is starting to recover from the worst effects of the recession.”
With company registrations rising and closures dropping, it seems that Nottingham is showing great resilience in the face of challenging economic conditions.
More information can be found in the Nottingham Duport Business Confidence Report.
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.