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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.

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%).

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.

“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.”