Figures revealed at annual Investment Summit show new businesses are booming in Chesterfield
Official figures presented today at the Chesterfield Investment Summit show record levels of startups setting up in the Chesterfield area, alongside substantial growth in the town’s visitor economy and construction sectors. Survival rates for companies in Chesterfield far exceed the national average.
New business activity in Chesterfield, Derbyshire’s largest town, reached record levels in 2022 and is expected to grow again this year, according to figures shared today at the Chesterfield Investment Summit. Analysis of Companies House data, the official register of UK companies, shows that 1,021 startups with Chesterfield addresses were registered in 2022, 4% more than in 2021, and indicates the area is on track to create over 1,100 more businesses in 2023.
Analysis from Destination Chesterfield – the organisation responsible for promoting investment in the town – shows strong levels of new business activity in several sectors prioritised in Chesterfield Borough Council’s growth strategy, as well as encouraging signs for the town’s independent retail sector:
- 92 new hospitality companies were launched in Chesterfield during 2022, a 10% increase on 2021 (84) and more than three times the number (29) created in 2012. Hospitality is a crucial component of Chesterfield’s growing visitor economy, which attracted 3.7 million people in 2022 (20% more than 2021), according to Chesterfield Borough Council. The visitor economy supports over 2,000 full-time jobs in Chesterfield and was worth £207 million last year.
- 106 new professional services companies were created in Chesterfield during 2022, an increase of 29% on 2021 (82). They include 27 management consulting companies, 22 engineering advisory firms and 12 advertising and digital media specialists. Chesterfield is actively encouraging professional services firms to locate to the town to help achieve a 15% increase in higher-skill, higher-wage knowledge-based occupations for residents by 2030.
- 99 construction startups were established in Chesterfield in 2022, 10% more than 2021 (90) and 55% higher than 2012 (64). Data from Chesterfield Borough Council shows the number of new homes built in Chesterfield has more than doubled over the last decade to reach 373 completions in the year to April 2023. Chesterfield has exceeded its new build target in each of the last four years and the council has earmarked several prime locations for new residential development as part of plans to build more than 4,000 new homes by 2035.
- 124 retail and wholesale startups began trading in Chesterfield in 2022. Although this was down 5% on 2021 figures, it represents a 49% improvement over the last decade and is expected to grow to more than 150 in 2023. The number was driven, in part, by a threefold increase in online retail startups over the last decade. Entrepreneurs in Chesterfield launched 23 e-commerce companies in 2022 and are on track to create over 40 more during 2023.
Dr Huw Bowen, Chief Executive of Chesterfield Borough Council, said: “New business activity is booming in Chesterfield, which is seeing growth from homegrown startups and those relocating to the town from elsewhere.These outcomes are the fruits of a purposeful strategy to secure new business investment in Chesterfield and help our existing businesses to grow.”
“Chesterfield Borough Council is supporting, either through direct investment or public-private partnerships, a series of projects to provide high-quality commercial space for businesses. It has helped bring to market almost 300,000 square feet of modern office, industrial, manufacturing and logistics space since the start of 2022, and expects further new premises totalling more than one million square feet to become available by the middle of 2025.”
Peter Swallow, Chair of Destination Chesterfield, comments: “Chesterfield is growing thanks to its location, its supportive community, the incredible lifestyle you can enjoy here, and the investments that are being made in high-quality business space and housing. We’ve seen more interest from local and incoming entrepreneurs post-pandemic, who are creating new jobs and opportunities for the abundant talent pool Chesterfield can access, and we expect that growth to continue as the town seizes new opportunities associated with the East Midlands devolution deal over the coming years.”
Official figures also show that businesses based in Chesterfield consistently enjoy significantly higher survival rates than the national average. The latest data from the Office of National Statistics show that 62% of Chesterfield companies started in 2018 were still trading after three years, compared to 54% for all of the UK. Similar figures were recorded for businesses founded in 2016 and 2017.
More than 200 delegates, including domestic and commercial property investors and business leaders from the UK, attended the Chesterfield Investment Summit today. The Summit is organised by Destination Chesterfield and sponsored by East Midlands Chamber and Turner & Townsend.
Destination Chesterfield has received £180,000 from the UK Government through the UK Shared Prosperity Fund. It follows a successful funding bid by Chesterfield Borough Council, to secure £2.69 million worth of funding for local projects.
