A record number of start-ups were launched in Northern Ireland in April, according the UK’s insolvency and restructuring trade body R3.
Its analysis of data provided by Creditsafe shows 2,311 firms were established last month – the highest monthly total since records began in December 2021 and only the second time numbers have exceeded 2,000.
Start-up figures in Northern Ireland rose 33.7% in April when compared to the previous month’s total of 1,728, and were 188.5% higher than in April 2023, when 801 new businesses were recorded.
Ian Leonard, chair of R3 in Northern Ireland (he is a director at Interpath Advisory), says: “Start-up figures here have soared in the first quarter, and indeed there have been more start-ups launched in the first four months of 2024 than in the entire first eight months of 2023.
“In particular, it is fantastic to see the tech sector thriving. Belfast is emerging not just as a city seeing unprecedented growth, but as a major hub of innovation and opportunity, drawing talent and investment from across the globe.”
Northern Ireland had the largest yearly increase in start-up figures between April 2023 and 2024, followed by the West Midlands (62.7% rise) and Yorkshire and Humberside (57.9%).
At the same time however, statistics from the Insolvency Service also show that corporate insolvencies in the north have more than doubled from 40 in the first quarter of 2023 to 82 in the same three months of this year.
Ian added: “These figures are indicative of the significant opportunities for investment and growth that our economy currently provides, but equally, there remain a number of challenges and headwinds which certain businesses are facing.
“I would urge directors to remain alert to the signs of financial distress, like cash flow problems, falling margins, or problems paying bills or staff on time.”
