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Record company growth in Lincoln, despite twice as many closures

Lincoln reached a record level of net company growth in the three months leading to September, according to a new report from company formation agents Duport.

The LN1 to LN6 area saw its highest ever recorded net company growth for the third quarter, with 563 new companies registered during this period, a 59% rise on the same period in 2011.

However, the Duport report notes the number of company closures in Lincoln rose to 216 in the third quarter, compared to 120 during the same period last year.

Peter Valaitis, Managing Director of Duport, said: “The figures in our latest report for Lincoln suggest growth and increasing business confidence as the local economy recovers from the worst effects of the recession.

“More new companies will help strengthen and diversify the business base, helping the town grow and prosper in years to come,” he added.

Lincoln MP Karl McCartney commented: “These are very difficult economic times, but it is clear that my constituents in the City of Lincoln and indeed the people of Lincolnshire, continue to be at the forefront of working our country out of the economic downturn.”

At-a-glance report findings