New company formations help Herefordshire in a challenging year for growth

Herefordshire’s growth bubble has finally burst after two stellar years of growth in company formations. The county ended 2021 with 15.9% more companies than it started with, and 10.7% more in 2022. But in 2023 it ended the year with 1.5% fewer companies. This was because company formations took a 15% fall from 2,928 to 2,540, while dissolutions rose 12.5% from 1,497 to 1,684. This may have been because of challenging trading conditions in 2023 including high business costs, rising interest rates and lukewarm consumer confidence.

Our infographic of 2023 company incorporation activity in Herefordshire gives further details about companies formed in the county during the year and how it compares with the performance of other counties in England.

If you’d like to start a new company in Herefordshire, you’ll find our simple online company registration service helpful.