Record Number of New Businesses Launched in 2023 – Growth Business

A record number of businesses were launched in Britain in 2023, according to research from NatWest and Beauhurst.

More than 900,000 businesses were created over the course of 2023 – an increase of 12 percent – ​​bringing the number of active businesses in Britain to 5.31 million, also a record in Britain. This is high despite the challenging economic conditions, such as higher inflation and higher operating costs.

Among the biggest growth sectors are online retailers, real estate and street food stalls. New online retailers accounted for more than 82,000 new businesses, 49,000 businesses started their property rental business, and further down the top 10, 21,000 new takeaway and street food stalls were established in 2023.

Meanwhile, the sectors that showed the slowest growth rate for new businesses included packaging, passenger transportation and logistics warehousing companies.

Geographically, Northern Ireland benefited from the biggest growth in business start-ups year on year, with 14,000 new businesses starting up in 2023, an increase of 59 percent on the previous year. London benefited from a 20 percent increase, while Scotland came in third with 11 percent.

The growth of women-founded businesses also continues to increase year on year, with a record 164,000 women-founded businesses in 2023, up 4 percent from 2022 and growing in the five years between 2019 and 2023 to a total of 26 per cent.

“It’s hard not to feel a sense of pride about the resilience and dynamism of the UK business landscape,” said James Holian, head of investment banking at NatWest. “Today’s report shows that despite recent economic challenges, the country’s entrepreneurial spirit has not only endured, but thrived.

“Small businesses are the lifeblood of our economy, accounting for three-fifths of employment and about half of private sector revenue. As Britain’s largest investment bank, we believe we have a key role to play in fostering an ecosystem where businesses are given the resources to start, scale and succeed.”

“The growth in these figures speaks to the growth of the UK entrepreneurial ecosystem,” added Henry Whorwood of Beauhurst. “While not all companies become startups or become scale-ups, Britain has a strong track record of helping new businesses start and succeed, and the strength in the pipeline should encourage investors and economists alike .”

More about new companies

Number of women starting scale-ups increases by a third – A total of 261 fast-growing companies have been founded or co-founded by women

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