BASINGSTOKE has seen a significant increase in company formations as well as a reduction in company closures, according to a new economic report for the area.
According to the latest Duport Business Confidence Report, company formations rose by 24 per cent in Basingstoke.
This figure puts Basingstoke well ahead of the UK as a whole, which saw an increase of just 12 per cent over the same period.
There was also a 15 per cent drop in company closures, again putting the area ahead of the UK as a whole, which experienced a six per cent increase in closures over the first three months of 2014.
Duport, which is a leading UK company formation agent, said the rise in formations and fall in closures led to a dramatic increase in net company growth – this is the number of company formations minus the number of closures.
During the January to March period, net company growth stood at 134, compared to 58 the previous year.
Duport managing director Peter Valaitis said these positive figures follow the news that the number of people claiming Jobseekers’ Allowance in Basingstoke has recently fallen by nearly 600, which should help boost the local economy still further.
“Our report shows business confidence is on the rise in Basingstoke,” said Mr Valaitis. “With so many new companies formed in the first quarter, the rest of the year promises to be very exciting.”
The report has been welcomed by Andrew Finney, president of Hampshire Chamber of Commerce. Mr Finney, who is managing director of leading relocation specialists HCR, headquartered on Basing View, said: “It’s great to see Basingstoke setting new highs for company formations. Even more pleasing was the fall in the number of company closures against a national increase.
“The figures demonstrate the underlying strength of the Basingstoke and north Hampshire economy, and a growing entrepreneurial spirit.
“As a Chamber, we offer a wide range of support to growing business and have exceptional international links for those seeking to export.
“We will be working to ensure new records are set in coming months”
Duport Business Confidence Reports are compiled by Duport Associates, based in Bristol, by using public record data from Companies House, Office for National Statistics and Ordnance Survey.
The Report gives an overview of the local economy and trading conditions. More information can be found at duport.co.uk/basingstoke.