Redbridge ‘entrepreneurial spirit’ sparks business record

Lizzie Dearden, Reporter Tuesday, July 3, 2012
9:30 AM

Redbridge has set a record for business registrations, with more than 300 in May alone, according to a company formation firm.

Entrepreneurs formed 325 new companies in the month in postcodes IG1 to 6, said Duport.

The figure was up 50 per cent from last year - beating the borough’s previous record month.

Council leader Keith Prince said he wasn’t surprised by the good news.

He added: “We work very hard with local businesses in order to encourage them to grow.

“Across jobs and skills we perform more favourably than nationally and London-wide.”

Chairman of the Ilford business improvement district (BID) Marc Myers was “absolutely delighted”.

He said: “I was just having a look at the high street and we have got a couple of void units but in The Exchange we have had new businesses opening in the last couple of weeks.

“It’s great news for the town centre.”

Ilford BID aims to work with local businesses to improve the safety, ambience and cleanliness of the town centre as well as encouraging increased trade.

Duport’s managing director Peter Valaitis said the improvement was “remarkable”.

He added: “To have set a new formations record during an economic crisis really speaks for the town’s entrepreneurial spirit.”

Companies registered in May include Brainiacs Technologies, Balvir Singh Chandi Builders and Medine Kebab.

A Duport spokesman said companies may register for many reasons.

He said: “The company isn’t necessarily a shop, it can be an IT company or anything.

“It could be an office or it could just be the official address for paperwork.”

The listed companies are all limited, meaning the members are protected by shares or a guarantee.

Duport calculated the rise using figures from Companies House.