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Company formations in King’s Lynn hit a new high despite a challenging year for business.

todayJanuary 21, 2021 18 1

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New company formations in King’s Lynn are booming – and that’s a fact according to the latest figures.

More than 770 new businesses were established in King’s Lynn last year.

And, once again, new businesses in Norfolk hit a new record high for the third successive year.

John Korchak. Picture: Keith Mindham (44058553)
John Korchak. Picture: Keith Mindham (44058553)

Despite the considerable economic challenges posed by the Coronavirus pandemic, 5,006 new companies were registered in the county compared to 4,731 during 2019, representing an increase of 5.8 per cent.

This brings the total number of registered companies in Norfolk to 41,185, up from 38,911 at the end of 2019, which equates to 5.8 per cent growth.

The county passed the 40,000 milestone for the first time in July 2020.

The statistics are taken from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.

Norwich formed the highest number of new businesses (1,273), followed by King’s Lynn and West Norfolk (777) and Breckland (706).

John Korchak, operations director at Inform Direct said: “It is excellent news to see that Norfolk has achieved a record year for new company formations during 2020 despite the unprecedented uncertainties brought by COVID-19.

“Many of the new company formations are in the retail sector, with a large number of new businesses set up to sell goods online or locally, thereby taking advantage of customers’ changing shopping habits.

“Secondly, the effect of the pandemic and national lockdowns means that sadly some existing businesses have folded and employees made redundant, and we see many of those people setting up new ventures on their own as an alternative way to earn a living.

“2020 was a year like no other for UK businesses. Although we can look forward to a brighter future with the vaccination programme, there remain unknown factors such as how quickly the economy will recover and of course the impact of Brexit.”

Alongside Norfolk’s achievement, the UK as a whole saw a record-breaking 780,766 new businesses formed, compared to 690,763 in 2019.

It remains open to debate whether this positive trend will last, especially when Government support for businesses is withdrawn.

New enterprises set up during the pandemic might also be short-lived, as people return to full-time employment or struggle to take the business to the next level.

To see a more detailed picture of company formations in Norfolk – including a full local breakdown, please visit:

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