Despite the considerable economic challenges posed by the Coronavirus pandemic, 9,394 new companies were registered in the county compared to 8,835 during 2019, representing an increase of 6.3%.
This brings the total number of registered companies in Buckinghamshire to 73,748, up from 69,470 at the end of 2019, which equates to 6.2% growth. The county passed the 70,000 milestone for the first time in April 2020.
The statistics are taken from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.
Milton Keynes formed the highest number of new businesses (3,547), followed by Wycombe (1,934) and Aylesbury Vale (1,686).
John Korchak, Operations Director at Inform Direct said: “It is excellent news to see that Buckinghamshire has achieved a record year for new company formations during 2020 despite the unprecedented uncertainties brought by COVID-19.
“Many of the new company formations are in the retail sector, with a large number of new businesses set up to sell goods online or locally, thereby taking advantage of customers’ changing shopping habits. Secondly, the effect of the pandemic and national lockdowns means that sadly some existing businesses have folded and employees made redundant, and we see many of those people setting up new ventures on their own as an alternative way to earn a living.
“2020 was a year like no other for UK businesses. Although we can look forward to a brighter future with the vaccination programme, there remain unknown factors such as how quickly the economy will recover and of course the impact of Brexit.”
Alongside Buckinghamshire’s achievement, the UK as a whole saw a record- breaking 780,766 new businesses formed, compared to 690,763 in 2019. The overall
number of UK companies also continued to grow to 4,837,426, an 8.2% increase on the total of 4,471,008 at the end of 2019.
The number of company dissolutions across the UK – 418,427 during 2020 – was the lowest since 2015. It remains open to debate whether this positive trend will last, especially when Government support for businesses is withdrawn.
New enterprises set up during the pandemic might also be short-lived, as people return to full-time employment or struggle to take the business to the next level.
To see a more detailed picture of company formations in Buckinghamshire – including a full local breakdown, visit: https://www.informdirect.co.uk/company-formations-2020/buckinghamshire/To see the report in full visit: https://www.informdirect.co.uk/company-formations-2020/