Eden, Cumbria, The Lake District – A natural choice for business

Record year for start up businesses in entrepreneurial Cumbria

08 April 2015

Cumbria has smashed the record for the number of new businesses launched in the area in a single year, according to new research.

Cumbria has smashed the record for the number of new businesses launched in the area in a single year, according to new research.

Statistics, compiled by www.informdirect.co.uk, have revealed that there were 2,372 companies formed in 2014, up from a previous best of 2,191.

This brings the total number of businesses operating in the region to a high of 18,386.

Henry Catchpole, CEO of Inform Direct, said: “This is clearly an area where fledgling firms are flourishing and where people are starting to make their dreams a reality in the word of business.”

There were 538 new companies formed in South Lakeland followed by 505 in Allerdale, 477 in Carlisle and 385 in Barrow-in-Furness.

There are 5.4% more active companies than there were a year ago and 26.1% more than five years ago.

While Cumbria outperforms neighbouring Northumberland in terms of new formations and total companies registered, it still lags well behind each of Durham, Lancashire and North Yorkshire.

Last year in the UK as a whole, 586,784 new businesses were registered with Companies House taking the total number to a record high of 3,509,084. Private limited companies made up over 95% of all formations.

And, while Britain has long been famed as an enterprising nation, the recent explosion in start-up activity has been exceptional.

Mr Catchpole suggests that there are three complementary factors fueling this growth.

First, there is the ease and speed with which a company can be started – usually within hours and generally for less than £20.

Secondly, many companies can successfully operate from home and need little more than a website before they can start trading.

Thirdly, there are improved channels for accessing capital.

Crowdfunding is a good example of this, making it easier for new companies to get early stage backing and therefore encouraging would-be entrepreneurs to give it a go.

In bringing together data available from Companies House and the Office of National Statistics, Inform Direct has built up a truly unique picture of how many businesses are now operating across the UK. 

View the whole article here http://www.cumbriacrack.com/2015/04/08/record-year-for-start-up-businesses-in-entrepreneurial-cumbria/