July was a 'milestone month' for Northern Ireland’s entrepreneurs, with start-up numbers hitting a new high

The number of start-ups in Northern Ireland reached a 20-month high in July, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows that 1,067 new firms were set up in Northern Ireland in July – the highest monthly total since December 2021.

Start-ups in the nation rose 21.4% from the previous month’s total of 879 and rose by 58.3% year-on-year from July 2022’s total of 674, with Northern Ireland showing the highest yearly increase of all the nations and regions in the UK, followed by Greater London (14% rise) and the East Midlands (12.1% rise).

Highlighting July as a ‘milestone month’, Ian Leonard, chair of R3 in Northern Ireland, said: “July was a milestone month for Northern Ireland’s entrepreneurs, with start-up numbers hitting a new high and 1,067 new firms set up that month.

“Start-up numbers have been consistently higher this year than last year, and this is likely to be driven by fact that Northern Ireland occupies a unique position with full market access to both GB and the EU, the amount of support and incentives that are available here for aspiring entrepreneurs, and more people wanting to step out on their own and be their own boss after the pandemic.”

Ian, who is a director at UK-wide financial advisory business, including offices in Belfast, Interpath Advisory, continued: "Whilst it is fantastic to see this increase, the first few years of a business’s life are often the hardest, and directors must remain vigilant to the signs of financial distress.

“If you’re noticing declining sales, have cash flow concerns, or are seeing debts mount and stock levels rise, then these are all indicators it’s time to seek help.

“Rather than shy away from dealing with these issues and have your financial position deteriorate further, speaking to a qualified professional at an early stage will potentially give you a wider range of options to address your concerns, and more time to decide about your next steps.”