New companies in town top 1,300

MORE than 1,300 new companies were formed in Rotherham last year, according to new research.

Statistics, compiled by the www.informdirect.co.uk website, said 1,329 were established in the borough during 2014 as South Yorkshire smashed its record for the number of new businesses launched in the area in a single year,

County-wide, there were 8,318 companies formed in 2014, up from a previous best of 7,256.

This is an increase of almost 15 per cent and brings the total number of businesses operating in the region to a high of 47,632.

Henry Catchpole, 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.”

Across the region, 1,329 new companies were formed in Rotherham, 3,455 in Sheffield, 2,427 in Doncaster,and 1,107 in Barnsley.

Mr Catchpole said: “There is lots of support out there for fledgling businesses but in South Yorkshire the stats show that this support is translating into an impressive growth rate.”

When taking into consideration the number of companies that were dissolved in 2014, the growth rate for South Yorkshire stands at 7.2 per cent, ahead of the UK average of 6.6 per cent.

Over five years, the number of businesses in the region has grown by 28 per cent.

Mr Catchpole put this down to the increased speed in which a company can be started, the simplicity of trading online from home and the availability of improved channels for accessing capital, including the use of crowdfunding.