Barclays Business Demography Map: Number Of UK Companies Grows By 300k Year-On-Year
- The total number of businesses in the UK has grown for the sixth consecutive quarter.
- The number of registered companies in the UK has grown by 300 thousand compared to the same time last year.[1]
- Grant funding has also increased by 19 per cent over the last year, totalling over £1.4 billion.[2]
- UK regions experiencing significant increase in grant funding levels includes Southeast (67 per cent), West Midlands (46 per cent) and Yorkshire and Humber (16 per cent).
- The new data comes from the Business Demography Map research from Barclays Eagle Labs and Beauhurst, funded by the Government’s Digital Growth Grant.
16 September 2024: The number of UK businesses has grown for the sixth consecutive quarter according to the latest data from Barclays. As of July 2024, there are 5.43 million companies registered in the UK. Over 300 thousand more than the same time last year. Regions across the UK maintained or grew the overall number of businesses trading due to a reduction in the number of businesses closing.
The largest increase across the UK was seen in Wales with a 7.25% increase on the three months prior.
Hannah Bernard, Head of Business Banking at Barclays said: “Even though the number of new businesses registered were down against the previous quarter, we continued to see growth in the total number of companies in the UK. This suggests that companies are becoming more resilient, agile and adaptable to change, which along with wider support for strategically important industries like technology, advanced manufacturing and life sciences is a great recipe for growth.
“The GDP growth we have seen in the first half of this year compared with the last half of 2023, suggests greater levels of trading and confidence amongst businesses and consumers alike.”
“At Barclays we have a renewed commitment to increase our lending to businesses. This is in addition to our support from Barclays Eagle Labs which has supported more than 13 thousand businesses raise over £3.6billion in lifetime funding.”
Grant Funding Growth
According to new data from Barclays Eagle Labs, there has also been a 19 per cent increase in grant funding in the last year, totalling over £1.4 billion.
The Southeast of England saw the biggest growth in grant funding, an increase of 67 per cent in the year to July compared with funding in the year to April, which is indicative of the region's continued focus on innovation and support for emerging technologies. Grant funding is financial support provided by government or organisations to fund specific projects or initiatives.
The West Midlands reported the second-highest growth in grant funding. Companies in the region were awarded a total sum of £101m via 229 grants, a rise of 46 per cent.
Yorkshire and Humber also saw an increase in the value of grants awarded over the past year, with a total of £108m distributed across 217 grants, up 16 per cent compared to the year to April.
This funding is particularly for those focused on research and development with the main rise linked to funding from Innovate UK.
Private Equity Investments is also rising
Equity investment also saw an increase with £3.47bn invested in businesses across the UK in the last three months (May – July 2024), up almost three per cent compared to the three months prior.
The Northwest witnessed the highest growth in equity funding with a massive 537% increase as companies in the region secured £709m during this period, up from the £132m secured between February - April 2024.
Wales secured the second highest position among regions for growth in equity raised as Welsh companies collectively secured £30.8m in equity funding, representing a significant 73 per cent increase.
Wales’s success is driven by organisations like Tramshed Tech, which provides workspaces, business support programs, and specialised training for tech startups and scaleups in Wales. Their Grangetown office hosts the local Eagle Labs team, a Barclays entrepreneurial network, providing a wealth of support to startup and scaleup businesses, and it serves as a hub for alumni of Tramshed’s Startup Academy incubator program.
For more information about Barclays Eagle Labs please visit https://labs.uk.barclays/about
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Notes to Editors
About the Demography Map
The Demography Map, released quarterly, is an extensive data set which offers insight into the funding landscape in the UK and number of companies in the UK. By collating data from a breadth of sources, including Companies House, this data offers a clear view into which regions are seeing strong investment and growth in the number of companies. The information presented in the UK Business Demography – July Update is sourced from Beauhurst, a comprehensive database of UK companies:
New Incorporations
- This data accounts for new businesses registered on Companies House. The recent data accounts for May 2024 – July 2024
Grant Funding
- The grant data shows 12 months from July 2023 to July 2024, with growth rates calculated using the grant data for the 12 months from April 2023 to April 2024.
- The grant funding is calculated from both the private and public sector. This is data collated from various sources including media outlets and grant agencies and organisations. 65 per cent of the £1.4bn comes from the UK Government’s Innovate UK agency.
Investment:
- The equity investment data is sourced exclusively from Beauhurst. Beauhurst's data includes both announced and unannounced equity fundraisings.
- The surge in funding in the North West was largely driven by a single deal worth £500m, secured by environmental consultancy RSK Group.
- A standout contributor to the surge in funding in Wales was Cardiff-based Space Forge, which alone raised £12.0m in June, representing 39.0% of the total equity secured.
Spinout:
- The spinout population data is accurate as of the end of July 2024.
About Barclays
Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities.
For further information about Barclays, please visit our website home.barclays
About Beauhurst
Beauhurst is the ultimate source of UK private company data.
Through our data platform, we provide data on every UK private company—from investments and hiring status, to patents and trade data—identifying hidden growth, innovation, risk, and ESG signals across UK companies.
Our Research and Consultancy team can provide powerful insights, thought leadership, and data-led reports. Please get in touch if you would like to talk about a project.
For further information about Beauhurst, please visit our website here.
About the Digital Growth Grant
The £12m Digital Growth Grant, funded by the Department for Science, Innovation and Technology, aims to provide specialised support to accelerate the growth of tech startups and scaleups across the regions and nations of the UK. The two-year grant, awarded to Barclays Eagle Labs, was launched in April 2023, and builds on more than £42.2 million invested by the Government to support tech startups and scaleups since 2016. Combined investment from Eagle Labs and the government will increase support for the tech sector.
[1] July 2023-July 2024
[2] Data from April 2023 - April 2024 compared with July 2023 – July 2024