New businesses in York at all-time high (From York Press)

New businesses in York at all-time high

11:21am Monday 22nd October 2012 in Business news By Julie Hayes, Business editor

MORE companies were registered in York during the first half of 2012 than any other first half year in the city’s history, according to a report released by company formation agent Duport.

The report found that 807 companies were formed in the first six months, six per cent more than 2011.

However the report said the national average growth in company registrations was 10.7 per cent, meaning York still lags behind the national average.

The net business growth was 275 businesses, after 532 companies were dissolved. This is also an increase compared to the first half of 2011, when 461 businesses were dissolved.

Peter Kay, chairman of the York Economic Partnership, warned the research counted company registrations rather than business start-ups and company dissolutions not business closures.

Mr Kay said: “York’s economy is showing record signs of vitality which bodes well for the city’s future economic prospects.

“This is supported by the unemployment figures and increased job vacancies. These are all positive signs for the fulfilment of York’s Economic Strategy.”

Coun James Alexander, leader of City of York Council, said: “Clearly I welcome the news that York’s business registrations are at an all-time high and hope that this trend continues.

“We’ve also seen evidence that York’s small business are becoming medium-sized businesses over time, employing more people and showing how robust the business survival rate and business environment is in York.

“This shows not only that York’s economy is strong, but that entrepreneurialism drive is high here – a very positive position for us to be in and one which shows that our investment in key projects and initiatives to boost jobs and economic growth is the right approach.”

Figures from Bank Search UK, which records business startups by the numbers of business bank accounts created, also recorded a record first half, with 766 businesses starting up, compared to 707 in 2011.

The total number of businesses recorded in the city is currently 8,010, up from 7,870 in 2011 and also the highest on record.

York also out performed the UK in female directors being appointed in the first half of 2012, with 25.1 per cent of all directors being women, compared to the UK average of 23.4 per cent. York’s record for women directors was, however, in 1861, when 40 per cent of all directors were women.