461 new tech businesses established in Nottinghamshire over last year
Latest statistics show that Nottinghamshire saw a fall in the number of new tech businesses over the last 12 months, a trend mirrored in other sectors across the county.
New company formations in the county fell during 2019, when 7,348 new companies were registered, compared to 7,429 during 2018, representing a decrease of 1.1%.
In terms of tech businesses, 461 new companies were established, compared to 550 during 2018, bringing the total number in the sector to 4,019.
The statistics come from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.
Leading the way in terms of new tech company formations were computer programming and consultancy with 275 new additions, followed by motion picture, video and TV programme activities with 38, and telecoms with 26.
Nottinghamshire ended the year with 2,679 companies engaged in computer programming, 265 in motion picture, video and TV programme activities and 201 involved in information services.
John Korchak, Director of Operations at Inform Direct said: “With the last 12 months presenting a very challenging environment for businesses – in terms of political and economic uncertainty – it is not surprising that some counties, including Nottinghamshire, have experienced a fall in the number of new businesses being established compared to 2018.
“However, this picture is not replicated throughout the UK. Some counties have seen a record year for new company formations and the UK as a whole has experienced an all-time high of nearly 700,000 new businesses being established over the year.”
Alongside this record number of formations – 690,763 compared to 669,855 in 2018 – the overall number of UK companies also continued to grow, with a new high of 4,471,008, a 3.8% increase on the total of 4,308,022 at the end of 2018.
The report which covers the UK is available to download in full at: https://www.informdirect.co.uk/company-formations-2019/