HUNDREDS of new firms chose to set up in Colchester last year, figures show.

Data has revealed 1,820 new companies were formed in 2019, bringing the total in the borough to 12,038.

It saw the fifth highest number of new firms set up in the county, beating the likes of Chelmsford and Brentwood.

Inform Direct, which helps new firms get off the ground, carried out analysis using data from Companies House and the Office for National Statistics.

However, the picture is not all rosy as during the year 1,165 businesses in Colchester were dissolved.

In total 277 firms set up in Castle ward – which covers the town centre – and 269 in Lexden ward.

Tiptree also saw 107 new firms established.

The statistics show more new businesses were established in Essex during 2019 than in any previous year – hitting a record high for the second year in a row.

In total, 17,816 new companies were registered in the county compared to 17,063 during 2018, representing an increase of 4.4 per cent.

This brings the total number of registered companies in Essex to 128,433, up from 122,421 at the end of 2018.

John Korchak, director of operations at Inform Direct said: “Reporting a record year – the second in a row – for new company formations in Essex during a turbulent year, politically and economically, is a major achievement.

“Attracting new ventures and encouraging entrepreneurs to set up means the county is clearly delivering positive support for business.

Braintree and Witham Times:

“With Brexit uncertainty casting a shadow – and some companies experiencing falling sales or choosing to relocate internationally – it is heartening we are seeing signs of business optimism with so many new companies being created.

“This picture is mirrored nationally with an all-time high of nearly 700,000 new businesses formed in the UK as a whole.”

Across the UK 690,763 new firms were set up.

Basildon formed the highest number of new businesses in Essex with 2,093, followed by Southend with 2,030 and Thurrock with 1,913.

In Essex, 97 per cent of firms set up were private limited companies. The remaining 3 per cent included public limited companies and community interest companies. Compared to the rest of the UK, Essex ranked in fifth.