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new company formation peaks in Colchester

October 2012

Colchester has experienced a record-breaking half year in terms of new company formations. During the January to June period there were 758 new company registrations, more than any other half year on record for the town.

"The record number of company formations in Colchester is good sign for the local economy, and shows that entrepreneurial spirit is alive and well in the town," said Peter Valaitis, Managing Director of Duport.co.uk.

The rise in company formation could be due to the growing tourism industry in Colchester. It is famous for being Britain's oldest recorded town and has a wealth of historical attractions that bring in 4.7 million visitors a year. Tourism has boomed in recent years, and is now worth £224.8 million a year to the local economy, compared to just £63.1 million back in 1993.

It is likely that many of the new company formations in Colchester are related to tourism. More tourism-related businesses should gradually increase the visitor offering, helping grow tourist trade over the coming years.

Duport Business Confidence Reports are published quarterly for every area of the UK. The report for Colchester provides data on everything from net company growth to local naming trends.

Duport Business Confidence Reports are generated and released by Duport Associates Ltd. The data contained in these reports is assimilated and analysed by Duport using public record data from sources including Companies House, Office for National Statistics and Ordnance Survey. Duport Associates Ltd is a leading UK company formation agent, established in 1997 and registering around 10,000 new companies each year through its Companies House approved software.

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