1400 new firms set up in Wearside

More than 1400 new business were launched in Sunderland last year, according to new figures.

Latest statistics show that the Wearside start-ups were among 7,132 established in Tyne and Wear in 2019 – a record high for the second year in a row.

The statistics come from the secretarial and formation specialist Inform Direct using data from Companies House and the Office for National Statistics.

Despite political and economic challenges, 7,132 new companies were registered in the area compared to 6,669 in 2018 - an increase of 6.9%.

This brings the total number of registered companies in Tyne and Wear to 44,237 – up from 42,534 at the end of 2018, a 4% growth.

Newcastle formed the highest number of new businesses (2,210), followed by Sunderland (1,419) and Gateshead (1,392).

John Korchak, director of operations at Inform Direct said: “Reporting a record year – the second in a row – for new company formations in Tyne and Wear during a turbulent year is a major achievement.

“Attracting new ventures and encouraging entrepreneurs to set up, means that the area is clearly delivering positive support for business.

“With Brexit uncertainty still casting a shadow – and some companies experiencing falling sales or choosing to relocate internationally – it is heartening that we are seeing so many new companies being created.”

For a detailed picture of company formations and full local breakdown, go to www. informdirect.co.uk/company-formations-2019/tyneand-wear/