Monday 25 January 2021 12:01 am

New business creation nears all-time high during lockdown

New business creation neared record highs last year as the entrepreneurial spirit flourished during Covid-19 lockdowns.

More than 29,000 new companies were registered in the UK in September, the highest number since October 2007 and the third-highest month since records began in the late 1980s.

New business creation increased month on month from the first lockdown period in April.

The figures highlight the growth of entrepreneurism amid economic turmoil sparked by the coronavirus crisis.

Many people have decided to start their own business during the lockdown period, either through necessity or opportunity.

“British entrepreneurial spirit has been undeterred despite the challenges presented by coronavirus,” said Gary Robins, head of business development at Growthdeck, which compiled the figures.

“Despite 2020 being a difficult year, people have remained optimistic about starting businesses even in a challenging economy.”

Research published earlier this year by Growthdeck found that the ecommerce sector enjoyed a particular boost in new businesses during the pandemic.

An average of 4,613 online retail businesses were set up each month in April, May and June last year, up two-thirds from 2,783 each month in the previous year.