Newly released figures show that despite the economic damage caused by Covid-19, Nottinghamshire, including Newark and Sherwood, saw a record-breaking year in terms of new businesses launched, to the surprise and delight of local experts.
The statistics
Data from both the Office of National Statistics (ONS) and Companies House was compiled by Inform Direct Review of Company Formations. It shows that whilst Newark and Sherwood saw 622 new businesses created in 2019, this figure rose by 12.6% to 697 in 2020.
These figures form part of a wider increase across Nottinghamshire. The county saw a 19.2% increase in new companies overall, up from 7348 to 8760. Of Nottinghamshire’s new businesses, 97% were private limited companies. The other 3% were split between one public limited company, 29 limited liability partnerships, 144 companies limited by guarantee, 110 community interest companies and one other company.
The wards were divided as follows:Â
- Sutton-on-Trent 19
- Dover Beck 15
- Lowdham 14
- Edwinstowe and Clipstone 57
- Rainworth North and Rufford 29
- Rainworth South and Blidworth 31
- Balderton South 19
- Farndon and Fernwood 48
- Boughton 17
- Trent 11
- Bilsthorpe 10
- Southwell 59
- Collingham 29
- Ollerton 38
- Beacon 51
- Farnsfield 17
- Muskham 18
- Thoroton 14
- Balderton North and Coddington 30
There were inevitably some business dissolutions in the same time period:
- Southwell 23
- Muskham 10
- Dover Beck 12
- Balderton South 3
- Collingham 27
- Farndon and Fernwood 26
- Boughton 6
- Rainworth North and Rufford 13
- Thoroton 16
- Trent 11
- Edwinstowe and Clipstone 18
- Bilsthorpe 6
- Lowdham 6
- Ollerton 26
- Sutton-on-Trent 12
- Beacon 32
- Farnsfield 10
- Balderton North and Coddington 14
- Rainworth South and Blidworth 11
Responses
One reaction came from the Chairman of Newark Business Club, Kerri McGarrigle who commented “It’s incredible that amid the strangest of years, 697 new businesses have been set up here. It just goes to show that there is still an appetite for setting up something new here in Newark and Sherwood and I’m really pleased to hear that so many new businesses were established here last year.”
She continued: “Our business community really does pull together in times of crisis and the last ten months has truly highlighted that we are stronger when we all work together and shop and recommend local businesses to our friends. I’m always excited to see a new shop on our high street or hear of a professional service opening up nearby, it makes me so proud of our town — that we’re attracting new businesses and the people who run them.”
“Bravo to the new businesses who recently launched here — I look forward to welcoming you to Newark Business Club, when you get time to join us.”
Keith Girling, the District council economic development chairman said: “I am delighted to see so many new businesses have opened across Newark and Sherwood during 2020. The pandemic has had a huge effect on everyone but our local businesses have been hit hard, so to see our business offer growing is remarkable.”
The statistics show that despite coronavirus concerns, it is still an exciting time to be involved in business in Nottinghamshire generally and whilst Nottingham itself dominated the list, Newark shows a significant expansion in new companies across a range of industries.
