NEW BUSINESS HIGH

Figures just released show that the number of companies in Cornwall hit a record high during 2022.

The total number of registered companies in Cornwall rose to 25,857 over the last 12 months, showing an increase of 4.5% on 2021. During the year 2,912 new businesses were established.

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

John Korchak, MD at Inform Direct said: “The last few years have been turbulent for businesses, with inflation and a cautious economic outlook following the impact of the pandemic. However, in these figures we see evidence of the ambition, creativity and resilience of entrepreneurs in Cornwall, as well as the benefits from the county’s support for a range of enterprises.”

This positivity is mirrored in the overall picture for the UK which saw a record number of new companies established during 2022, exceeding 800,000 for the very first time.

Meanwhile, Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of British companies, says the number of ailing businesses in Cornwall reached 3,294 in Q4 of 2022.

This represents a quarterly decrease of 1% in the number of struggling businesses in Cornwall, and an annual fall of 5%.

Despite the overall decrease, the data identified specific sector hotspots where businesses are particularly struggling.

According to the report, businesses in the hotels & accommodation sector are most affected, with a quarterly increase of 10% in the number of companies in significant financial distress. This was followed by automotive, which saw a quarterly jump of 7%.

Nationally, the latest Red Flag Alert research for Q4 2022 recorded 610,405 businesses in significant distress. Representing a 4% increase since Q4 2021 and 24% surge in significant distress levels compared to pre-Covid times in Q4 2019, the data highlights the intense strain an increasing number of companies are under as they are hit by rising labour and materials costs, increasing energy costs and an economy likely headed into recession.

A space tech world first is being claimed from Cornish soil.

No, this is not the satellite launch from Cornwall Airport Newquay, but rather an unmanned aerial vehicle (UAV) taking off from Predannack airfield. And thankfully, this time there were no last-minute technical glitches.

Gravitilab Aerospace Services Ltd successfully launched its UAV, which climbed to 2,000 ft before releasing its payload, which achieved a period of microgravity. Microgravity is when objects appear to be weightless.

It is said to be a world first for generating a “sustained microgravity environment” using an UAV system.

Norfolk-based Gravitilab says microgravity environments offer “far superior” research and testing conditions and the launch opens up the world of microgravity research to new markets as diverse as pharmaceuticals, semiconductors, building materials, communications, SpaceTech and climate science.

“This is a fantastic collaborative achievement for Gravitilab, the Cornwall Space Cluster, and the UK Space Industry as a whole,” said Rob Adlard, CEO and technical director of Gravitilab.