More new businesses were established in Oxfordshire during 2023 than in any previous year.

5,446 new enterprises were registered last year, reflecting a 12.5 per cent growth compared to 2022.

This surge increases the county's company count to an unprecedented 48,030.

The statistics come from the Inform Direct Review of Company Formations, based on data from Companies House and Britain's Office for National Statistics.

Among the county's districts, Cherwell took top spot with 1,388 new businesses.

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Oxford and South Oxfordshire trailed closely behind, with 1,254 and 1,072 businesses respectively.

John Korchak, managing director at Inform Direct said: "It is excellent news that Oxfordshire 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 Oxfordshire entrepreneurs remained undeterred and pursued their ambitions to establish new ventures."

A rise in the number of new companies was also been observed nationwide, with 900,006 new formations, an 11.8 per cent increase from 2022, bringing the number of UK companies to 5,476,772.

The number of dissolved UK companies also increased, totalling 662,915 compared to 578,679 in 2022.

To access a thorough breakdown of Oxfordshire's company formations, and the complete report, visit Inform Direct's webpage.