Business boom for Rugby firms

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Rugby’s economy is racing ahead of the rest of the country, according to a new study.

Some 757 companies have been formed in the town in the past 12 months – a record number for Rugby, and 18 per cent higher than the figure for 2012.

This also puts Rugby ahead of the UK as a whole, which experienced an average eight per cent rise in company formation.

In further good news, net company growth - the number of company formations minus the number of company closures - rose significantly, from 218 to 320.

Some 437 companies closed in Rugby last year, up from 424 the previous year but down from 2009’s record high of 558.

And in an indication of the broad horizons of many new businesses, the most popular word in the names of the new companies is ‘Europe’, followed by ‘Transport’, ‘Trans’ and ‘Freight’. The word ‘Rugby’ comes fifth.

The figures come from business analyst Managing director Peter Valaitis said: “Our latest report for Rugby showed some very encouraging statistics for the area.

“Rising company formation suggests business confidence is growing and an increase in UK company share indicates it is becoming a bigger player within the national economy.”

Angela Tellyn, partnership manager at the Coventry and Warwickshire Chamber of Commerce, said: “This chimes exactly with what we are seeing.

“We hold start-up workshops and events in Rugby and they are proving to be extremely popular, resulting in more new businesses being formed in the town.

“In many ways, Rugby is ahead of the game because it has development sites ready to go and, at our last branch meeting in the town, there was a real sense of optimism among businesses.”