Research by R3, the UK insolvency and restructuring trade body, has revealed that 2016 was a record year for start-up businesses in the North West. This resulted in a 10% increase in the total number of businesses operating in the North West in 2016 (an increase of 32,774 businesses compared to December 2015),meaning that there are now a total of 347,200 active businesses across the North West.
Despite experiencing growth lower than the national average of 25%, the North West is still outperforming London, which has only seen a 6% increase in its number of businesses in 2016.
The fastest growing sector, according to this research, is the transport industry, having benefited from the success of online shopping, leading to an increased need for nationwide couriers, as well as the rise of food delivery firms such as Deliveroo and taxi apps such as Uber, making it easier for individuals to set up their own business. As stated earlier, the increase in businesses across the North West can largely be put down to a boom in start-up businesses choosing North West towns and cities to set up their headquarters.
However, the announcement of this research isn’t just good for start-ups but for businesses as a whole as it shows that the UK economy and the North West economy are showing great signs following the recession and events since.
If this news has prompted you to start-up your own business, or if you are one of the owners of a new start-up business, Farleys Solicitors can help with your legal services. We offer an attractive legal services package aimed at start-ups called Evolve. Evolve offers start-up business heavily discounted legal advice to ensure that you can start your business with the protection that you need. It is essential for any business in its infancy to take proper legal advice in order to survive the early stages of trading, where new businesses are at their most vulnerable.
Whether you are looking for advice on company formation, property leases, shareholder agreements, or employment contracts, our team of commercial solicitors can provide you with the information and representation you need to relieve some of the stress involved in starting up a new business.
If you are interested in talking to one of our solicitors about your legal needs and seeing if the Farleys Evolve package is right for you and your business, please call 0845 287 0939 or submit your enquiry through our online contact form.