Don Foster, the MP for Bath, has welcomed news that the first quarter of the year saw Bath break its record for the formation of new companies.
The findings, published as part of the Duport Business Confidence Report, mean that 243 new companies were created in Bath between January and March of this year. This represents an increase of 6% on last year and tops Bath’s previous first quarter record.
Commenting, Don Foster said: “The record-breaking rise in new companies here in Bath is brilliant news for the local economy and shows that Bath is open for business.
“Supporting people as they set up their businesses is vital for building a stronger economy and a fairer society and this increase shows that good progress is being made in achieving this”.
In further good news, company closure has dropped by 5%, which has resulted in net company growth in the area (the number of company formations minus the number of company closures).
Commenting further, Steve Bradley, Lib Dem Prospective Parliamentary Candidate for Bath, added: “It’s fantastic to see that business is booming here in Bath with a net increase of companies and a record number of people in work. It highlights the great work being done by the Lib Dems in Government and on the Council”.
Speaking after the release of the report, Peter Valaitis, Managing Director of Duport said: “Our Business Confidence Report shows some very positive results for Bath.
“An increased number of company formations signals that entrepreneurial spirit is alive and well in the area, which can only be a good thing for the local economy”.