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Five tech startups launch per hour as business formations reach new record in 2019

More than five new tech startups launched every hour in 2019, contributing to a record 681,704 new business formations over the year – a 2.8% increase from 2018. These are some of the findings from the Centre for Entrepreneur’s sixth annual analysis of Companies House data.

  • Over 45,000 tech startups were launched, representing 6.6% of all new businesses. 17,401 of these were in London (8.2% of total), while tech startups comprised 28% of all new businesses launched in Bournemouth, Pool and Christchurch.
  • For the first time, CFE has analysed industry classification codes. Companies were launched in over 700 industries as varied as raising of llamas and alpacas (10), driving schools (429) and repair of watches and jewelry (141).
  • 14,363 take-away food shops and mobile food stands registered in 2019, greatly outnumbering licensed restaurants (9,405) and unlicensed restaurants and cafes (7,182). Ten new wine producers, 314 brewing companies and 347 distillery businesses launched in the year.
  • London business formations increased 2.4% to 221,373. While Birmingham outperforms Manchester in absolute terms (14,509 vs 9,064), the latter is more entrepreneurial when considering population size. This is not the case in Scotland, where Glasgow retains an absolute and per capital lead against Edinburgh.
  • Strong figures per capita in Cheshire East, Salford, Trafford and Stockport also set the North West ahead of its Northern Powerhouse counterparts, leaving the North East and Yorkshire and Humber alongside Wales,  Scotland and the South West as the five least entrepreneurial areas of the country.

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