Entrepreneurs in Oxfordshire defied the economic challenges posed by the pandemic to set up a record number of new businesses last year.

Latest figures show that more new businesses were established in Oxfordshire during 2020 than in any previous year – hitting a new record high for the second year in a row.

Some 5,363 new companies were registered in the county compared to 5,087 during 2019, representing an increase of 5.4%.

This brings the total number of registered companies in Oxfordshire to 45,071, up from 42,461 at the end of 2019, which equates to 6.1% growth.

The statistics are taken from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.

Cherwell formed the highest number of new businesses (1,279), followed by Oxford (1,257) and South Oxfordshire (1,131). West Oxfordshire gained 868 new businesses.

John Korchak, operations director at Inform Direct, said: “Many of the new company formations are in the retail sector, with a large number of new businesses set up to sell goods online or locally, thereby taking advantage of customers’ changing shopping habits.

“Secondly, the effect of the pandemic and national lockdowns means that sadly some existing businesses have folded and employees made redundant, and we see many of those people setting up new ventures on their own as an alternative way to earn a living.”

Graham Jones, of business group ROX (Backing Oxford Business) said: “We have a great record in the UK of new ideas and healthy entrepreneurship, often when we seem to have our backs to the wall.

But he added: “For new businesses to succeed and be sustainable the finances have to stack up. For new high street retailers, help from the Government through appropriate taxes to better balance the trading environment with online sellers is essential.

“It will be wonderful to see Oxford and towns in Oxfordshire buzzing again as soon as this dreadful virus has been tamed.”

Kevin Douch is one of the entrepreneurs who has gone ahead and opened a business in the midst of the pandemic.

Co-owner of BSM Social Club, part record store, part craft beer bottle shop, it opened its doors in late 2020 on Oxford’s Cowley Road.

He said: “We’ve been planning our shop for a very long time so we weren’t going to be deterred by the pandemic. We knew it would make things more challenging with safety measures for getting staff, suppliers and tradespeople in, and constantly changing restrictions, but our eyes were wide open to all of that so could plan accordingly.

“We’ve predominantly been open for click and collect but also launched a free local delivery service. I say local – wherever people want beer and records basically, we’ll find a way to get it to them.”

Mr Douch, who said that they have received government support, added: “Our main thinking is that although things are hard now and will be for a little while longer they won’t last for ever and ultimately we’re focused on the long term potential of the shop.”