Despite record numbers of dissolutions in Herefordshire, the county shows monumental growth.

With 2,928 new companies formed in Herefordshire during 2022, this may at first glance seem low in comparison to other counties. However, adjusting for population this is an impressive 15.9 new incorporations in 2022 per 1000 people vs the national average of 12.7. This feat is further substantiated by an extremely notable annual growth of 10.7%. which is vastly above the national growth rate of 4.6%.

It was not all good news unfortunately. Across the UK the number of existing businesses that ceased trading during the year decreased by 4.7% when compared to 2021. Herefordshire, however, saw a record number of company dissolutions for the county at 1,497. That said, with an incredibly substantial 5-year growth of 69.21% – significantly exceeding the UK average growth rate of 27.1% – it cannot be argued that entrepreneurial spirit in the county is lacklustre.

If you want to register a company in Herefordshire, you’ll find our simple company formation service really helpful.