Number of North West businesses grows

THE number of North West high-growth companies – those recording turnover growth of at least 33% in the last three years – grew by 12% last year.

That’s according to the Entrepreneurs Index, prepared by Barclays and the Business Growth Fund.

It also found that there has been a 0.5% increase in the number of VAT and/or PAYE registered businesses in the past 12 months.

This puts the region on a par with East Anglia and behind the South East on 0.6%, and London on 3.5%. The North West now has 206,815 enterprises on this measure.

The report also shows the North West saw a 25% fall in the number of active companies recording share sales in the past year to 494, which it suggests reflects potential investors being selective and entrepreneurs waiting for more favourable conditions to sell.

Alan Edwards, a director at Barclays Wealth and Investment Management, said: “Although the number of local companies recording share sales in the past year has fallen, we are seeing many positive signs of strong entrepreneurial activity in the North West and a sense of renewed confidence.

“As British entrepreneurs are on target to start more than half a million new businesses this year alone, it is clear to see that the new businesses in the area – and the individuals that set them up – are becoming an economic tour de force.”