Sunday, June 26, 2022

East Midlands entrepreneurs exercise caution as R3 research reveals region has one of lowest number of start-ups in UK

Latest research from the Midlands branch of national insolvency and restructuring body R3 reveals a cautious month for new businesses in the East Midlands with a total of 2,341 start-ups registered in May, one of the lowest numbers for any region in the UK.

According to R3’s report, which is based on an analysis of data from business intelligence provider Creditsafe, only Wales, the North East and Northern Ireland had fewer start-up businesses last month at 1,798, 1,509 and 798 respectively.

R3 Midlands vice-chair Stephen Rome said: “These statistics highlight the effect that continuing economic challenges and uncertainty are having on entrepreneurs in the East Midlands, as they seek to minimise their exposure.

“Business opportunities are being threatened because companies face trading amidst rising inflation, contracting economies, spiralling fuel, energy and wage costs, and consumer confidence at a near historic low.

“With such economic uncertainty, our advice to any director worried about the viability of their business, start-up or otherwise, is to seek professional help and to do it as soon as possible. The sooner support is sought, the more opportunities there may be to assure a company’s survival and future success.”

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