The number of new companies being set-up in the UK has risen for the first time in 18 months, according to a study by Royal Mail.

The research found that more than 39,000 businesses were started in the last six months. There has been a 13% rise in the number of new companies in Britain, with 4,400 more SMEs being established between the beginning of March and the end of August this year than in the previous six months.

The report found that Sunderland, in Tyne and Wear, was the fastest growing city in terms of businesses established in the last six months, while Rotherham in South Yorkshire and Stockton-on-Tees in Cleveland followed close behind.

"The picture for start-up companies in the UK is optimistic and we should take this as a good sign that throughout the UK there is a lot of opportunity and entrepreneurial spirit despite the difficult economic climate," said Keith Jones, head of data strategy at Royal Mail.