Business

More than three businesses created every day in Plymouth

More than three businesses were created every day in Plymouth during the first half of 2021 as the Covid pandemic led to more people becoming their own boss, new data reveals.

Analysis of Companies House info reveals that 634 businesses were registered in Plymouth between January and June 2021, an increase of 24% compared to the same period in pre-Covid 2019 when 512 businesses were registered.

Fintech company iwoca’s Small Business HotSpots UK 2021 list shows that Plymouth saw the fourth highest increase in new businesses since 2019 out of all local authorities in the South West, after Bristol (36%) and ahead of South Gloucestershire (22%) and Swindon (22%).

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North Somerset saw the region’s sharpest percentage increase in new businesses from 2019 to 2021, rising by 72% from 649 to 1114. Cornwall experienced a 14% rise, from 1,224 businesses created in H1 2019 to 1,392 in H1 2021, slightly ahead of Devon’s 13% rise from 1,885 to 2,130 new businesses in the same period.

Torbay saw a modest 9% rise, from 369 to 401 new businesses created in the two six-month periods, but the Isles of Scilly experienced a 29% decline, with just seven new businesses registered in the first half of 2019, and only five in the first half of 2021.

Overall, the South West has the seventh highest number of new businesses out of all UK regions, with 18,783. London topped the list with 120,338. The total number of businesses registered in the UK during the first half of 2021 was more than 340,500, increasing by 32% from 257,243 in the first six months of 2019.

Analysts at iwoca, one of Europe’s largest small business lenders, said that the sharp increase in the number of business registrations points to a rise in entrepreneurship as people reassess their work priorities.

The number of people on furlough in Plymouth dropped by 69% over the first half of 2021, and by 68% across the South West. Whilst many will have returned to their old jobs, the Companies House data suggests that a significant number have decided to start their own business.

The creation of these new businesses will also provide additional job opportunities, and may have contributed to the number of vacancies increasing by 86% in the region since the start of the year.

Business Live’s South West Business Reporter is William Telford. William has more than a decade’s experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.

To contact William: Email: [email protected] – Phone: 01752 293116 – Mob: 07584 594052 – Twitter: @WTelfordHerald – LinkedIn: www.linkedin.com – Facebook: www.facebook.com/william.telford.5473

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Christoph Rieche, iwoca chief executive and co-founder, said: “It is fantastic to see the creation of so many businesses during the first half of this year, they are testament to the entrepreneurial spirit which characterises our vibrant economy. Many of these businesses will be unnecessarily constrained by cashflow. At iwoca we turn cashflow into a superpower enabling them to grow faster and worry less. We look forward to working with many of them.”

Online lender iwoca was founded to support micro businesses and has distributed nearly £400m through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).



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