A new report reveals that a record-breaking 900,000 companies were started in the UK in 2023, marking a 12% increase from the previous year. The report, conducted by Natwest, highlights the resilience and thriving entrepreneurial spirit in the country despite recent economic challenges. The study, which analyzed new incorporations, found that the fastest-growing sectors were online retailers, property, and street food stalls. While many of these companies may start as one-person businesses, they have the potential to grow into larger firms. The report also indicates a significant increase in the number of female-founded businesses, with a record 164,000 companies incorporated by women in 2023, up 4% from the previous year. The findings demonstrate the growth of the UK's entrepreneurial ecosystem and the overall strength of the business landscape.
Boom in Start-ups in Northern Ireland Leads the Way
The report highlights that Northern Ireland experienced the largest boom in start-ups, with 14,000 new businesses incorporated in 2023, representing a 59% increase from the previous year. London saw a 20% increase in new businesses, while Scotland showed the third-largest growth, up 11%. These figures demonstrate the widespread entrepreneurial activity across different regions of the UK.
Challenges Ahead for New Businesses
While the record number of new businesses is undoubtedly positive, many of these start-ups may face challenges due to rising costs and a turbulent economy. According to the Insolvency Service, the number of British businesses going bust reached a 30-year high in 2023, with 25,158 businesses falling into insolvency. It is crucial for these new companies to navigate these challenges effectively to ensure their long-term success.
UK Airports Experience Increase in Passenger Numbers
Passenger numbers at UK airports are on the rise, with figures approaching pre-pandemic levels. In January 2023, Heathrow Airport saw six million passengers, a slight increase from 5.5 million in January 2022. Manchester Airports Group, which operates Manchester, Stansted, and East Midlands airports, reported 3.9 million passengers in January 2023, equaling the total from January 2020. Stansted Airport achieved a record monthly total of 1.95 million passengers, surpassing its 2019 high. The recovery in passenger numbers is a positive sign for the aviation industry and reflects increasing confidence in travel.
Tritax Big Box Acquires UK Commercial Property Reit
Tritax Big Box, a leading warehouse giant, has announced the acquisition of UK Commercial Property Reit (UKCM) for £924 million. This deal will create a real estate giant worth nearly £4 billion. Tritax Big Box owns several large warehouses and counts major tenants such as Ocado, Amazon, and B&Q. UKCM invests in shopping centers, office buildings, and distribution centers. This acquisition signals Tritax Big Box's expansion and consolidation of its position in the market.
Upper Crust Owner Expands into Australia
The owner of Upper Crust, a popular transport sandwich chain, is acquiring Australian rival Airport Retail Enterprises. The deal, for an undisclosed amount, will provide Upper Crust with a presence in seven Australian airports, including Canberra, Gold Coast, Townsville, and Mount Isa. This expansion will enhance Upper Crust's position as a leading airport food and beverage operator in Australia. The acquisition reflects the company's commitment to growth and meeting the needs of travelers.
Wet Weather Dampens High Street Shopping
The recent wet weather in the UK has had a negative impact on high street footfall, with a 7.9% decrease compared to the previous year. Market towns and coastal towns experienced a reduction in shoppers of 12% and 11% respectively. However, retail parks fared better, with only a 0.7% decline in footfall. Despite this downturn, retailers anticipate a boost in sales during the upcoming half-term period. The wet weather and travel disruptions are temporary setbacks, and the retail industry remains optimistic about future prospects.
Lidl Opens New Bottling Plant in Derby
Lidl has opened a new bottling plant in Derby, which will supply 380 million bottles annually to its stores across the UK. This facility has created 90 jobs, contributing to employment opportunities in the region. The plant is part of Lidl's commitment to ensuring the availability of high-quality products for its customers.
Capita Faces Criticism Over MoD Firefighters' Pensions
Outsourcing company Capita has come under fire from the union Unite for alleged errors in managing the pensions of Ministry of Defence (MoD) firefighters. Capita paid £600 million to take over the Defence Fire Rescue Project in 2019, but around 700 workers have complained about unpaid or incorrectly calculated pensions. Unite also claims that some widows have not received their partner's pension. Capita recently secured a ten-year contract to manage the Civil Service pension scheme, which the union believes should be reassessed in light of these issues.
