Number of companies in Devon hits record high

Figures just released show that the number of companies in Devon hit a record high during 2022 – making it one of the UK’s most successful counties.

The total number of registered companies in Devon rose to 61,854 over the last 12 months, showing an increase of 3.1% on 2021. During the year 6,814 new businesses were established.

The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Plymouth formed the highest number of new businesses (1,514), followed by Exeter (1,083) and Torbay (847).

John Korchak, Managing Director at Inform Direct said: “It is great to be able to celebrate a record high number of businesses based in Devon.

“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 Devon, 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% 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.

To see a more detailed picture of company formations in Devon – including a full local breakdown, visit: www.informdirect.co.uk/company-formations-2022/devon/