Number Of New Bath Businesses Continues To Rise

After a record year in 2012, company formation numbers in Bath once again reached record levels in the first half of this year, according to figures in a new report from Duport.

Company formation numbers in Bath reached a record high during the six months to June, according to figures in the latest Duport Business Confidence Report.

Following on from a record year in 2012, there were 478 new company formations during the first half of the year – more than any other half year in the history of the city and a 7% rise on the same period in 2012.

In further good news for the area, company closures fell by 3%, leading to an overall rise in net company growth (the number of company formations minus the number of company closures).

The positive statistics seen in the report could be linked to new developments that are set to take place in the city centre. If approved, the plans will deliver Bath’s first casino, as well as two new restaurants and a luxury 148-bedroom hotel as part of a new leisure quarter, expected to open in 2016.

Bath MP Don Foster said: “The findings of this report show that Bath and its economy are getting stronger and stronger. The growth in companies forming in the city shows the confidence people have in Bath to establish their business here.”

Managing Director of Duport.co.uk, Peter Valaitis commented: “With a rising number of company formations and a falling number of closures, the economy of Bath looks like it is going from strength to strength. If plans for the new leisure quarter go ahead, I expect we will see even more new companies choosing to set up in the city.”