Tyne and Wear looks back on a successful year for new businesses

Figures just released show that Tyne and Wear welcomed more new companies during 2022 than in the previous 12 months, marking the county out as a great place to do business.

A total of 7,838 new companies were registered, an increase of 2.8 per cent on 2021, resulting in a record high of 51,640 businesses in the county. The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Newcastle upon Tyne formed the highest number of new businesses (2,820), followed by Sunderland (1,595) and Gateshead (1,367). John Korchak, managing director at Inform Direct said: “It is great news to see that Tyne and Wear can celebrate a successful year for new company formations.

“The last few years have been turbulent for businesses, with inflation and a cautious economic outlook following the impact of the pandemic. However, in these figures we see evidence of the ambition, creativity and resilience of entrepreneurs in Tyne and Wear, as well as the benefits from the county’s support for a range of enterprises.

“This positivity is mirrored in the overall picture for the UK which saw a record number of new companies established during 2022, exceeding 800,000 for the very first time.”

The UK saw 805,141 new companies, compared to 771,617 in 2021, which represents an increase of 4.3 per cent and brings the total number of companies to 5,236,227.

Dissolutions of UK companies totalled 578,679, down on 2021 when 606,912 were recorded, suggesting that new and existing businesses are adapting to survive in a post-pandemic business environment.

By Mark Adair – Correspondent, Bdaily

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