A record 900,000 new startups launched in Britain in 2023
A RECORD 900,000 businesses were set up in Britain by 2023, according to a new report.
The number of new businesses was 12 percent higher than in 2022, according to Natwest.
NatWest's James Holian said: “Despite recent economic challenges, the country's entrepreneurial spirit has not only survived, but thrived.”
The new business survey by data firm Beauhurst found that the biggest growing sectors last year were online retailers, real estate and street food stalls.
There were 82,000 new online sellers, 49,000 new property rental companies and 21,000 new takeaway and street food stalls.
Although the majority are likely to be sole proprietorships, many can grow into larger companies.
The sectors that showed the slowest growth rate were led by packaging, passenger transportation and logistics warehousing companies.
Northern Ireland showed the greatest growth in business start-ups with 14,000 new businesses, an increase of 59 percent on the previous year.
In London there was a 20 percent increase, while Scotland showed the third largest growth, up 11 percent.
Meanwhile, the number of companies founded by women has also increased, with a record 164,000 companies founded by women in 2023, an increase of 4 percent compared to 2022.
The research shows that the number of active businesses in Britain now stands at a record 5.31 million.
Henry Whorwood of Beauhurst said: “The growth in these figures really speaks to the growth of the UK entrepreneurial ecosystem.”
But many new businesses will struggle under the headwinds of rising costs and a turbulent economy.
Last month the Insolvency Service revealed that the number of UK companies going bankrupt in 2023 was 25,158, the highest annual total in 30 years.
USE OF AIRPORTS IN THE UK STARTS
UK airports are flying high again as passenger numbers reach pre-pandemic figures.
Heathrow was used by six million passengers last month – up from 5.5 million in January 2023.
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That is slightly below the pre-pandemic level, when there were 6.1 million in January 2020.
Manchester Airports Group, which operates Manchester, Stansted and East Midlands, said the number of passengers using its sites last month was 3.9 million, equal to the January 2020 total.
Around 1.95 million passed through Stansted, a record monthly figure that is around 20,000 more than the 2019 high.
Heathrow handled more freight than in 2020, with freight weight rising from 116,000 tonnes five years ago to 122,000 tonnes last month.
The airport claimed that Britain has “closed the door to domestic growth” by “turning away international shoppers through the tourist tax”.
BIG BOX, BIG DEAL
WAREHOUSE giant Tritax Big Box is spending £924 million to buy rival UK Commercial Property Reit (UKCM).
The takeover will create a property giant worth almost £4 billion.
Tritax owns several large warehouses and has major tenants including Ocado, Amazon and B&Q.
UKCM invests in shopping centres, office buildings and distribution centres.
Shares rose 5 percent on news of the deal.
TOP DOWN BOTTOM
THE owner of transport sandwich chain Upper Crust is buying Australian rival Airport Retail Enterprises for an undisclosed sum.
The Australian company has 1,500 employees and 62 locations across seven airports – mainly bars, casual restaurants and cafes.
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It was founded in 1971 and has an annual turnover of approximately £100 million.
SSP Group's Upper Crust has branches in British train stations, including London's Marylebone.
And since 2007 it has been active Down Under, where it already manages 40 locations spread across seven airports and one train station.
The deal will see the company have a presence at four additional Australian airports: Canberra, Gold Coast, Townsville and Mount Isa.
Boss Patrick Coveney said: “It will strengthen our position as the leading airport food and drink operator in the country.
BLUES AGAIN FOR SHOPPING
THE number of shoppers visiting the shopping streets fell by 7.9 percent last week compared to the previous year.
Shoppers and office workers were put off by wet weather and even snow in some parts of Britain.
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This led to travel disruptions on Thursday, with many employees choosing to work from home, with key visitor numbers in London falling by 9 percent.
Market towns saw footfall fall by 12 per cent, just ahead of coastal towns where the number of shoppers fell by 11 per cent.
Analysts MRI Software said retail parks fared better, down just 0.7 percent compared to a 7.9 percent decline in high streets and a 4 percent decline in shopping centers.
But the downturn followed three weeks of rising numbers and retailers expect a mid-term increase this week, says MRI's Jenni Matthews.
LIDL has opened a new bottling plant in Derby, which will supply 380 million bottles a year to stores across the country.
The facility has created 90 jobs, the company said. Meg Derby LTD is part of the German drinks manufacturer Schwarz Produktion.
CAPITA IN 'RETIREMENT MUCK UP
OUTSOURCER CAPITA has come under fire from trade union Unite, which says it has botched the pensions of Ministry of Defense firefighters.
The chief paid the Ministry of Defense £600 million to take over the Defense Fire Rescue Project in 2019, but 700 workers complained that pensions were not paid or miscalculated.
Unite also said some widows have not received their partner's pension.
Capita was recently awarded a ten-year contract, starting in September 2025, to manage the Civil Service pension scheme of approximately 1.6 million members.
Those are crackers, said Unite general secretary Sharon Graham.
The union wants the government to reassess the award of the contract.