High Peak saw boom in new business formations in 2020 as pandemic caused unprecedented economic churn

Despite, or perhaps because of, the considerable challenges posed by the pandemic, the county registered 7,413 new businesses compared to 6,522 during 2019, an rise of 13.7 per cent.

It brings the total number of companies in Derbyshire to 51,742, up from 48,355 at the end of 2019, a seven per cent growth. Of those, 4,865 were in High Peak – just over nine per cent of the county’s total.

John Korchak, director at professional services firm Inform Direct, which compiled the statistics, said: “It is excellent news to see that Derbyshire has achieved a successful year for new company formations during 2020 despite the unprecedented uncertainties.

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

He added: “The effects of the pandemic sadly mean some businesses have folded, making employees 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.”

Local new business hotspots included Whaley Bridge, which saw 87 formed, and Howard Town in Glossop with 84.

Both saw a number of companies dissolved too, but made the biggest net gains of any ward in the borough.

Buxton Central saw a loss of 25 companies offset by 29 new incorporations.

Derby saw the highest number of new businesses in any county district (2,700), followed by Chesterfield (761) and Amber Valley (737).

The UK as a whole saw a record-breaking 780,766 new businesses formed in 2020, compared to 690,763 in 2019. The overall number of companies grew to 4,837,426, up 8.2 per cent on the previous year.

For the full local breakdown, go to https://bit.ly/2NUO1q5.

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