Mr. Tom Hayes:

There were 32,000 promoters involved in the establishment of new companies last year. There were 15,200 new companies established. That is the figure according to GEM. There can be some confusion, 32,000 is the headline figure but that is the number of promoters. Any company starting off might have one or two people involved. The figure of 15,200 new companies would include every sole trade and everybody starting any enterprise.