Devon has lead the way in the South West over the last three years for new business start-ups (8,960) but unfortunately a higher number have folded (9,875).

The South Hams lost 145 companies over that time.

Peter Hill, accounting and business services director of Wilson Partners, said: “Congratulations to all the start-ups in Devon who are showing off the county’s entrepreneurial zeal. We wish them well.

“Our South West Business Index shows how companies across the region have fared over the past three years, and it’s clear that it hasn’t been an easy time for business owners.

“The normal cycle of business births and deaths was completely disrupted by Covid, but it looks like the economy has started one of its periodic clear-outs, and the situation may get worse.

“This makes space for good businesses to prosper, which may be why we’re seeing so many start-ups emerging.

“More people are starting businesses with fresh energy and a new perspective, and that will drive others to innovate and adapt.

“If you’re an established business, you can avoid becoming a statistic by holding your nerve on prices.

“Chase your debts fast and hard, and put in place tighter cash flow controls.

“For businesses being squeezed by high costs, inflation, rising wage bills and increasing tax liabilities, it’s more important than ever to keep a grip on profitability and cash flow. “Review pricing, customer acquisition and retention strategies as well as credit control so you receive funds owed to you faster, and get the best deals possible from your suppliers.

“It is all well and good having financial information, but how can you reduce your tax burden and protect the wealth that you have worked hard to create?

“That is the proactive advice and support that a lot of business owners do not get the answers to, but we can provide.

“Keep close to customers so you know what’s going on, and talk to a good accountant if you need some advice on how to get through these challenging times.”