As of July 2024, there are 5.43 million companies registered in the UK, according to the latest data from Barclays – over 300,000 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. As for Scotland, we now boast just shy off 300k separate companies, an increase of 0.46%.

Grant Funding Growth

According to new data from Barclays Eagle Labs, there has also been a 19% increase in grant funding in the last year across the UK, totalling over £1.4 billion.

Scotland accounted for 1.85% of this increase (£110 million), with the Southeast of England seeing the biggest growth in grant funding, an increase of 67% in the year to July compared with funding in the year to April.

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%.

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% 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 are 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 3% compared to the three months prior.

However, Scotland was not a contributer to this increase. Conversely, the nation saw a 58.7% drop in private equity investment, amounting to £100m.

The Northwest region of England 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.

Source: Barclays Eagle Labs

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% increase.

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.

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“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 13,000 businesses raise over £3.6billion in lifetime funding.”