Business confidence returning to Ilford, says report

Business confidence appears to be returning to Ilford according to a report showing the number of firms that were set up in the third quarter of last year.

Between July and September, 1,016 new companies were formed. That was a 22 per cent increase on the third quarter of 2012 – far higher than the UK average of 12 per cent.

However, there was also a 14 per cent rise in company closures in the same period. Despite this, net company growth rose, said Duport.

Duport’s managing director, Peter Valaitis, said: “A rise in company formation is a fantastic sign for Ilford. More new companies means a more diverse business base, which should help strengthen the local economy in years to come.”