NEW figures reveal that in 2024 the number of companies in Somerset was the highest ever recorded – in a year that presented a range of challenges for business.

During the last 12 months, registered companies grew to an all-time high of 60,769 – up from 60,186 at the end of 2023 – and 6,153 new businesses were established in the county.

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

North Somerset achieved the highest number of new businesses (1,544), followed by Bath and North East Somerset with 1,245.

Taunton Deane formed 952 new businesses - bringing the total to 8867 for the area – with just 103 for West Somerset.

John Korchak, managing director at Inform Direct, said: “It is really good news that Somerset can celebrate a record number of companies.

“The year undoubtedly presented a range of challenges for business with the uncertainty of the General Election, the introduction of new regulations and concerns over Labour’s first Budget in October which included the increase in employer National Insurance.

“World events also played a part in economic volatility with the US Election and instability in the Middle East high up on the list.

“Despite all these factors, businesspeople in Somerset demonstrated great resilience and inspired leadership, evidenced in this successful result.”

The UK as a whole mirrored this trend with a record total of 5,637,210 companies, up from 5,476,772 at the end of 2023.

There were 848,192 formations during the year and 690,501 dissolutions.