New-business bonanza

OLDHAM saw 1,383 businesses created in 2014 according to a study that shows only London grew faster than Greater Manchester.

The research revealed that 2014 was a record year for new companies in Greater Manchester, with 25,381 start-ups. By the end of the year, 143,798 businesses were operating - second only to the capital.

The City of Manchester led the way with 7,544 new companies formed, followed by Trafford with 2,999. Oldham was above only Rochdale (1,335) and Tameside (1,230).

In terms of companies formed per 1,000 population, Greater Manchester comes out higher than the national average, with 9.5 incorporations in comparison with 9.2 across the UK.

While the figures look promising, the study also showed 18,007 Greater Manchester companies were dissolved in the same year. This contributed to a growth rate of only 5.4 per cent compared to a UK average 6.6 per cent. Over five years, growth has been 28 per cent against up to 40 per cent in some parts of the country.

If current rates continue, Greater Manchester could soon lose second spot to the West Midlands