703 new businesses set up in Northern Ireland in January – the highest number since October 2022

Start-up numbers in Northern Ireland have reached their highest levels in four months, according to new research from R3, the insolvency and restructuring trade body.
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R3’s analysis of data provided by Creditsafe shows there were 703 new businesses set up in Northern Ireland in January – the highest number since October 2022, when 721 new businesses were launched, and 61.6% more than December’s figure of 435.

Northern Ireland saw the biggest monthly rise in start-ups across all of the UK regions and nations, followed by Wales (58.8%) and the South West (58.3%).

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James Neill, chair of R3 in Northern Ireland, said: “Northern Ireland has had an entrepreneurial start to the New Year, and these new businesses will create opportunities for people and supply chains during a challenging time for the business community and the economy.”

James Neill, who is a director and head of business advisory services at HNH, continued: However, it’s worth noting that the first few years of a business’s life are the most vulnerable, and the trading climate is particularly challenging at the moment.

“My advice to new company directors is simple – know your business inside out and if you spot an issue, seek help as soon as you can.

“If you’re paying bills late, making unplanned cuts or noticing a constant issue with cashflow, then these are all signs your business could be financially distressed and that it’s time to ask for help.

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“There are many options out there for businesses that are struggling, but those options become fewer and the time to take a decision becomes shorter if you don’t move quickly and seek advice before the problem spirals.”

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