Graduates from the St James’s Place Academy have set up nearly 40 new businesses since the UK government enforced the nationwide lockdown on 23 March, the firm has announced.

St James’s Place said in a statement that more than a third of the 39 academy graduates who had set up their own practices were women, some of whom were returning after being fulltime mothers, while others came from careers in sport, hospitality and the military.

Owners range in age from 24 to 5...