Grimsby-area leads Lincolnshire's growth in new business - as Hull stutters

By Grimsby Telegraph | Posted: 26 Feb 2019

North East Lincolnshire is the strongest borough in the county when it comes to new company formations, new statistics have revealed.

Figures just published show that a total of 915 new companies were registered in the Grimsby-area, with South Bank neighbour North Lincolnshire following narrowly behind with 907 added in 2018.

County-wide it has contributed to a 4.1 per cent growth to 43,713 registered companies across Lincolnshire.

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

Inform Direct Infographic - Company formations in Lincolnshire 2018

John Korchak, director of operations at Inform Direct, said: “These figures demonstrate strong growth for new company formations in Lincolnshire, a 9.2 per cent increase on 2017. It presents a very positive picture for business against a background of political and economic uncertainty and shows that the county continues to provide a supportive environment, both for new business ventures and existing enterprises.

“This achievement is replicated in a number of counties and in the UK as a whole which has seen a new record total of registered companies.”

Across the UK as a whole, a record number of new companies were formed – 669,855 compared with 634,116 in 2017. Lincolnshire comes in at 29th across all counties, up two places, with East Yorkshire 40th, down five, as numbers declined. A total of 24,661 were created.

There are 3.6 per cent fewer businesses on the North Bank, with 1,817 and 1,375 respectively across East Riding and Hull. While higher numbers, population is  higher, and it lagged three percentage points behind Lincolnshire for new incorporations per 1,000 people.

Inform Direct Infographic - Company formations in East Riding of Yorkshire 2018

Mark Webb, managing director E-Factor, the specialist business support operation that has served the Grimsby-area for more than a decade, said: “With the change in fortune of many of the big national names, areas like ours are having to look to their own entrepreneurs and talents to create and start new and unique businesses that are more niche,and serving a market for people no longer looking for mass-produced, same-on-every-high-street goods. They are looking for something different. Obvious examples are Tillets, Docks Beers and Alfred Enderby, small businesses doing something different because they can.

“If this is combined with meaningful support that demonstrates a value for enterprising start-ups, I think there is huge worth here.”

The data is released as E-Factor partners with Small Business Saturday champion Michelle Ovens MBE, to conduct an in-depth survey of small business activity in the Grimsby-area, and the impact it has.

Working with her campaigning organisation, Peak B Research, it is looking for a robust response from the community to inform a report to be issued later this spring.

Ms Ovens said: “Small businesses play a critical role in local communities, over and above financial performance. E-Factor focuses on helping businesses achieve the success they are after and understands that thriving businesses lead to thriving communities, and the same in return.

“Peak B is working with E-Factor to understand the phenomenal contribution small businesses bring to local communities and we really want to hear from local small businesses about this.”

Conducted online, all responses will be confidential.

Read more: Authors shortlisted for The Business Book Awards

Mr Webb, who has overseen the organisation’s first steps into North Lincolnshire in the past month, said: “The reason I commissioned this research is because E-Factor’s passion is flying the flag for local business and making sure they get the support they deserve. I have found there is a distinct lack of research on the important role local businesses play, not just in the number of jobs they create, or how many there are in the area, but also, what their challenges are, and what they see as opportunities.”

Support in other ways, such as charity and volunteer interaction as part of the wider community is also to be analysed, with focus groups being set up to “add some qualitative insight”, Mr Webb said. To contribute, click here: E-Factor Small Business Impact Survey 2019.

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