East Devon has been ranked as having the third highest number of new businesses established in the county in 2023.

This is according to research published by Inform Direct, which uses data from Companies House and the Office for National Statistics.

The numbers reveal that there were 848 new ventures in East Devon alone.

In total, the whole county of Devon saw 7,183 new businesses formed last year.

This is a 5.4 per cent increase compared to the previous year’s 6,814 registrations.

This achievement takes the total number of registered companies in the region to an all-time high of 63,364.

Outside of East Devon, the top-ranking districts for company formations were Plymouth, with 1,686 new businesses, and Exeter, with 1,144.

Midweek Herald: This is according to research published by Inform Direct

John Korchak, managing director at Inform Direct said: "It is excellent news that Devon can celebrate a record year for new company formations during 2023.

"The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events.

"However, the formation figures demonstrate very clearly that Devon entrepreneurs remained undeterred and pursued their ambitions to establish new ventures."

He continued: "This positive picture is mirrored in the overall position for the UK which saw the highest ever number of new companies established during 2023.

"The total number of UK formations exceeded 900,000 for the very first time."

The UK overall recorded an 11.8 per cent uptick in new business establishments, from 805,141 in 2022, to 900,006 in 2023.

Taking the total number of UK companies to a record 5,476,772.

For those interested in a comprehensive breakdown of company formations in Devon during 2023, the statistics can be accessed at Inform Direct's official website.